German media giant ProSiebenSat.1 reported a 5% increase in both Q2 and first-half 2024 revenues, reaching €907 million ($991.4 million) and €1.7 billion ($1.9 billion) respectively, the company revealed on Thursday.
The company’s streaming platform Joyn continued its upward trajectory, with AVOD revenues jumping 25% and total viewing time surging 38%.
TV advertising revenues held steady. The group’s adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) rose 14% to €91 million in Q2, reflecting the impact of efficiency measures. For the first half, adjusted EBITDA climbed 23% to €163 million.
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The entertainment segment saw a 3% rise in Q2 external revenues to €612 million, while the commerce and ventures segment posted a 17% increase to €197 million. However, the dating and video segment experienced a 9% decline to €98 million amid a challenging market.
The numbers reflect the company’s continued growth in 2024 after a rough 2023 that saw revenues dip by 7%.
ProSiebenSat.1 maintained its full-year outlook, aiming for group revenues of around €3.95 billion (plus/minus €150 million) and adjusted EBITDA at the midpoint of the previous year’s level.
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 increased content investments while continuing to implement operational cost efficiencies is starting to pay off. The dynamic growth of Joyn in particular shows that we are on the right track: We will establish Joyn as the leading super streamer that is free for everyone in the German-speaking region. Furthermore, we are positioning Joyn as the perfect partner for advertisers and media agencies as 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 earnings performance. They strengthen our profitability and enable us to consistently implement our programming strategy and expand our offer of local content. In this context, programming expenses will be higher than in the previous year, particularly in the months with the highest reach and therefore especially after the European Football [soccer] Championship and the Olympic Games from September onwards.”
The company disclosed an ongoing preliminary investigation by Munich prosecutors regarding payment services supervision, with a provision made for potential fines.
