ProSiebenSat.1 sees turnover and profit continuing to rise in the second quarter of 2024
German media giant ProSiebenSat.1 reported a 5% increase in both the second quarter and the first half of 2024, to €907 million (€991.4 million) and €1.7 billion (€1.9 billion), respectively. the company announced on Thursday.
The company’s streaming platform Joyn continued its upward trajectory, with AVOD revenue rising 25% and total watch time increasing 38%.
TV advertising revenues remained stable. The group’s adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) rose 14% to €91 million in the second quarter, reflecting the impact of efficiency measures. For the first half, adjusted EBITDA increased by 23% to €163 million.
The entertainment segment saw external revenues increase 3% to €612 million in the second quarter, while the commerce and ventures segment recorded a 17% increase to €197 million. However, the dating and video segment saw a decline of 9% to €98 million, amid a challenging market.
The figures reflect the company’s continued growth in 2024, after a rough 2023 that saw sales fall 7%.
ProSiebenSat.1 maintained its full-year guidance, targeting group revenue of approximately €3.95 billion (plus/minus €150 million) and adjusted EBITDA at mid-year levels.
CEO Bert Habets said: “We are pleased with our business performance in the first two quarters of the year. Our strategy to focus on entertainment with higher investments in content while continuing to implement operational cost savings is starting to pay off. Joyn’s dynamic growth in particular shows that we are on the right track: We will build Joyn into the leading super streamer that is free for everyone in the German-speaking region. Furthermore, we position Joyn as the perfect partner for advertisers and media agencies, because we now offer combined TV and digital reach.”
CFO Martin Mildner added: “Our strategy and the associated cost adjustments are having a very positive impact on our profit performance. They strengthen our profitability and allow us to consistently implement our programming strategy and expand our local content offering. In this context, programming costs will be higher than in the previous year, especially in the months with the highest reach and therefore especially after the European football competition. [soccer] Championship and the Olympic Games from September.”
The company announced an ongoing preliminary investigation by Munich prosecutors into the supervision of payment services, with a provision for possible fines.
