Kingston, January 5, 2025 – The LAB (Limners and Bards Limited) is set to embark on an ambitious expansion journey in 2025, aiming to solidify its standing within the Caribbean’s vibrant creative sector. Emphasizing both regional growth and innovative content creation, The LAB is strategically positioning itself to navigate and thrive in a dynamic industry landscape.
Following a foundational year in 2024, The LAB is ready to capitalize on emerging opportunities despite facing a challenging financial environment, which saw a 14.8% drop in revenues to $958.1 million for the fiscal year ending October 31, 2024. This setback has not deterred the company; instead, it has reinforced their commitment to resilience and strategic advancement.
Central to The LAB’s strategy is an aggressive push into new Caribbean markets. Recent exploratory missions to Guyana, Barbados, and Trinidad and Tobago have yielded critical market insights, paving the way for expanded operations throughout the region. By fostering partnerships with local industry players, The LAB aims to unlock new business avenues and enhance its influence, aspiring to become a dominant force in the Caribbean’s creative industries.
“Our dedication to the Caribbean is rooted in our confidence in the region’s capacity for both creative excellence and economic growth,” stated Chairman Steven Gooden in the latest year-end financial report. “As we extend our reach, we are establishing sustainable growth channels that are in harmony with our long-term objectives.”
In response to the burgeoning global appetite for authentic and culturally rich content, projected to exceed $500 billion by 2030, The LAB is prioritizing the development of compelling new projects. Upcoming releases include the highly anticipated film Love Offside, set to debut in summer 2025, and the festive-themed Spices of Christmas, scheduled for production in early 2025. These initiatives highlight The LAB’s commitment to creating narratives that resonate deeply with local audiences while attracting international interest.
To ensure global visibility, The LAB has devised a robust distribution framework encompassing theatrical launches, licensing deals, and strategic streaming partnerships. This approach is designed to showcase Jamaica’s unique cultural narrative on a worldwide platform.
“Our dedication to genuine storytelling allows us to engage effectively with a fast-evolving market,” commented CEO Kimala Bennett. “By harnessing Jamaica’s rich cultural heritage, we are producing content that is not only commercially successful but also culturally significant.”
Despite the revenue downturn in 2024, The LAB reported a notable net profit of $82.9 million, marking a 44.7% increase from the previous year. This financial boost was driven by a stronger performance within its Agency division and meticulous cost management. Additionally, shareholders’ equity rose to $638.5 million, and total assets exceeded the $1 billion mark, supported by strategic investments in state-of-the-art production facilities and studio enhancements.
The leadership at The LAB remains focused on maintaining financial prudence and operational excellence. By optimizing internal workflows and maintaining stringent oversight of receivables, the company aims to sustain its profitability while continuously reinvesting in growth initiatives.
“With a robust foundation, we are well-equipped to tackle future challenges and seize new opportunities,” Gooden affirmed. “Our mission is to transform The LAB into a central hub for Caribbean creativity and a significant contender in the global content arena.”
As The LAB moves forward, its blend of strategic regional expansion and innovative content development positions it as a key player poised for sustained success in the Caribbean and beyond.
