Amazon CEO Andy Jassy Highlights Prime Video's Growth Towards Tens of Billions in Revenue

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Amazon's Prime Video has become a highly profitable business with a revenue run rate reaching tens of billions, driven by successful movies, TV shows, and sports broadcasting, says CEO Andy Jassy.

Amazon's streaming platform, Prime Video, is on track to generate revenues in the tens of billions of dollars, reflecting its evolution into a significantly profitable business, according to CEO Andy Jassy during Amazon's recent quarterly earnings call. This marks a notable milestone, as Jassy had previously acknowledged profitability earlier in the year but now emphasizes the substantial revenue scale.

A key component of this success is Amazon MGM Studios, the film division acquired by Amazon four years ago for $8.5 billion. This year, MGM's global box office revenue has surpassed $1.2 billion, bolstered by major hits such as "Project Hail Mary," which alone earned an estimated $684 million worldwide. The film, starring Ryan Gosling and based on Andy Weir's novel, became MGM’s highest-grossing release to date. Other notable productions include "Verity," contributing to the studio's strong performance.

Prime Video's robust content library extends beyond films into successful television series like "Carrie," "The Summer I Turned Pretty," "The Boys," "Off Campus," "Fallout," and "Reacher." The latter's fourth season attracted 66 million viewers globally within its first 28 days, leading to renewals for both fifth and sixth seasons.

Sports programming is another significant growth area for Prime Video. The platform broadcasts prominent events such as NASCAR races, the Masters golf tournament, and UEFA Champions League soccer. Notably, Thursday Night Football has seen a viewership increase of 16% from the previous year, averaging 17.7 million viewers across the first six games. Additionally, the second season of NBA on Prime attracted over 2 million viewers.

Jassy’s remarks underscore the strategic importance of diversified content offerings, combining blockbuster films, acclaimed TV series, and premium sports events. This multi-faceted approach is positioning Prime Video as a formidable competitor in the streaming market with a rapidly expanding subscriber base and revenue stream. As Amazon continues to invest in original content and sports rights, Prime Video's financial and market presence is poised to grow even further.