The Anatomy of an Oscar-Winning Studio: Booming Sales, Little Profit

Mar 22, 2026

Last weekend, Bloomberg’s Lucas Shaw drew back the curtain on the financial performance of independent film studio Neon over the past five years. Neon is a private company and therefore does not report its earnings publicly, making Shaw’s report a veritable scoop. The data shows that Neon has grown exponentially over the last five years, more than tripling its revenues from 2023 to 2025. However, the company is only marginally profitable, with most of its income coming from horror movies instead of the art house and international features that Neon is best known for. Less than one third of their revenue comes from the theatrical box office, with a larger portion generated by licensing deals with TV and streaming services. The report provides interesting insight into how indie studios such as Neon and A24 are able to operate profitably, and why their model is not simple to replicate.

Read original article at Bloomberg