BEVERLY HILLS, Calif., Aug. 14, 2024 (GLOBE NEWSWIRE) -- Kartoon Studios (NYSE:TOON) today provided a business update for the quarter ended June 30, 2024. The Company's Chairman & CEO, Andy Heyward, also provided a letter to shareholders, which is available HERE. Key Highlights Kartoon Channel! streaming service emerges as one of the premier kids' entertainment hub; 120% growth in Amazon Prime subscribers from June 2023 to 2024; profitability of streaming services continues growing monthly Distribution across 16 platforms including iOS, Android Mobile, Web, Amazon Prime Video, Apple TV, Amazon Fire, Roku, Pluto TV, Comcast, Cox, Dish, Sling TV, Android TV, Tubi, Xumo, Samsung and LG Smart TVs; international presence, now operating in 69 countries globally, and growing Significant cost reductions across all operating units resulting in 39% decrease in direct operating costs vs. Q2 2023 Net losses slashed by 61% in Q2 2024 vs Q2 2023 Growth fueled by ‘Three Pillars' business strategy; Kartoon Channel/Stan Lee Universe/Winnie-the-Pooh Kartoon Studios expands ‘Stan Lee Universe' with Amazon storefront, and 'Stan Lee Presents' YouTube Channel now with over 300,000 subscribers and growing. Social media footprint growing with over 27M followers Kartoon Studios reimagines Winnie-the-Pooh for a new generation $30 million non-dilutive JV financing from Catalyst Partners drives broad production commitment of 104-episode series and holiday specials set to debut on Kartoon Channel via Amazon Prime Video Andy Heyward, Kartoon Studios' Chairman and CEO stated: "We've now harnessed the momentum from the first quarter of 2024 to solidify our goal of sustained growth and profitability in 2025. Revenue of $8.4 million in Q2 2024, a 38% increase from Q1 2024, illustrates that the industry as a whole is rebounding following the resolution of the Writers Guild of America (WGA) and Screen Actors Guild (SAG) disputes in late Q3 and early Q4 of 2023. Our efforts to streamline operations are paying off, with a 39% reduction in direct operating costs in the second quarter compared to Q2 of 2023. Over the first half of 2024, we have seen an even more remarkable 51% decrease in these costs year-over-year. Our financial performance has markedly improved in 2024, with loss from operations down by 46% and 28% for the three- and six-month periods ending June 30, 2024, respectively, compared to the corresponding periods in 2023 after adjusting for the one-time impairments the Company took in the six months ended June 2023." "At Kartoon Studios, we view our new strategic initiatives in terms of three strategic pillars, Kartoon Channel!, Stan Lee Universe, and Winnie-The-Pooh which provides the Company with a robust framework for driving growth and maximizing brand impact. Each of these pillars not only further solidifies our position in the market but also propels us toward our goal of sustainable growth and driving profitability and shareholder value. By leveraging the momentum of Kartoon Channel! and expanding the legacy of Stan Lee Universe and Winnie-The-Pooh, we are creating a diversified portfolio that balances immediate returns with long-term value. For more on the three pillars of our business, please read my CEO letter to shareholders," stated Heyward. Brian Parisi, Chief Financial Officer of Kartoon Studios, commented, "We are confident that recent actions and our current trends will lead Kartoon Studios to profitability by 2025. In addition to the reductions in direct operating costs, we also made strides in lowering general and administrative expenses, cutting them by 18% year-over-year and 9% from Q1 2024. Our focus on operational efficiency and strict cost control is clearly ...