07:35 AM EST, 11/13/2024 (MT Newswires) -- Boat Rocker Media ( BRMIF ) on Wednesday said its third-quarter net loss more than doubled as revenue plunged 81%.

The entertainment company, which creates and distributes film and television content in Canada, said the net loss in the quarter widened to $18 million from $8.5 million last year. The company did not provide per share figures.

Goodwill impairment of $8.2 million was recorded in Boat Rocker's scripted cash generating unit in the three ended Sept 30.

Third-quarter revenue fell to $36.8 million from $196.4 million. A strike in 2023 negatively impacted revenue generation in each segment. Also, several episodes of two premium scripted dramas had significantly higher average revenue per episode last year, the company said.

Boat Rocker said the content industry remains in a period of disruption, with content spending down from 2022's peak. The company said it will continue to focus on distribution and rights management and target material cost reductions across the organization.

"Despite continuing to operate in a challenging industry environment, our performance this quarter included greenlights and renewals on a number of key projects across divisions that showcase the power of our studio engine," said CEO John Young. "We continue to be well positioned for a wider industry recovery with our strong balance sheet, robust development slate and distribution catalogue, and deep relationships with top global content buyers."