Germany’s ProSiebenSat.1 posted combined third quarter revenues and adjusted earnings virtually similar to 2023’s numbers, as streaming as soon as once more proved a excessive level for a serious industrial community group.
Revenues got here in at €882M, down 0.6% year-on-year, whereas adjusted EBITDA was €104M, down 5.6% from €110M. Adjusted internet earnings grew 32.6% from €23M to €31M for the quarter, although adjusted money move fell 36% from €61M to €25M.
Full 12 months revenues for the 9 months to September have been €2.66B, up marginally on the €2.57B from final 12 months, and modify earnings are virtually similar, down from €888M to €882M. ProSieben stated the numbers mirror “the shut correlation between client restraint and the cautious investments in TV promoting within the third quarter of 2024” and a major decline in its Relationship & Video section.
The German economic system and personal consumption, plus the European Soccer Championships and the Summer season Olympics broadcasting over the summer season stunted additional progress, ProSieben’s administration famous. Notably, TV advert revenues have been under the earlier 12 months in opposition to that backdrop.
Nevertheless, as with the likes of Warner Bros Discovery, ITV and Paramount International, an unremarkable monetary quarter by conventional measures has been no less than partially offset by constructive noises from streaming. ProSieben’s Digital & Good vertical, which homes streamer Joyn, has seen its AVOD revenues develop 28% over the 12 months,
The variety of month-to-month video customers elevated by 53% to six.8 million, whereas complete viewing time elevated to 27.9 billion minutes — 34% year-on- 12 months progress. General, revenues from Digital & Good promoting choices in Europe’s German-speaking area elevated by 7% within the nine-month interval, that means complete promoting revenues remained steady.
This led to the Leisure section to put up exterior revenues up 2% at €1.74B for the primary 9 months of the 12 months. This quarter revenues have been down 3%, nevertheless, as promoting dipped. It got here in at €579M.
ProSieben stated the figures confirmed the Unterföhring-based firm’s “strategic give attention to Joyn as an ad-funded streaming mannequin and the growth of our digital leisure portfolio.”
“Personal consumption, which is decisive for our TV promoting enterprise, has not developed as positively as we anticipated firstly of the 12 months,” stated Martin Mildner, Group CFO of ProSiebenSat.1 Media. “Nonetheless, we closed the primary 9 months in keeping with our expectations for 2024.
“Regardless of the troublesome financial setting, we’re making good progress in implementing our technique and training constant price administration. Moreover, we’re notably happy with the expansion charges in each Digital & Good promoting revenues and within the Commerce & Ventures section. They distinction with the figures for the general financial improvement in Germany.”
ProSieben additionally revealed it’s progressing with talks to promote its e-retailer companies Flaconi and Verivox. The corporate earlier this 12 months narrowly prevented being break up up after a marketing campaign by lead shareholder MediaForEurope, and its future stays in flux.
