Lord of the Rings IP owner Embracer Group has seen net sales at its Entertainment & Services division fall by 15%, but is betting big on Middle-earth in coming years.
Entertainment sales for the fourth quarter of 2023 (covering January to March 2024) were SEK1.26B ($118M), down from SEK1.49B the previous year.
Embracer noted the Middle-earth Enterprises unit that houses Lord of the Rings was likely to make a “somewhat lower expected contribution” year-on-year than expected.
Overall, Embracer’s net sales fell 5% to SEK8.88B, with the PC/Games and Tabletop Games units providing the lions’ share of revenue, and while there was a SEK20.38M EBIT loss, down from SEK95M a year ago.
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