ProSiebenSat.1 Revenues Slip in Q2

ProSiebenSat.1 Media reported lower revenues in Q2 of €840 million, a 7 percent decline amid a “challenging market environment,” but is expecting a recovery in the ad market in the second half of this year.

Martin Mildner, CFO, commented: “Especially in times of economic uncertainty, it is essential that we consistently drive forward our transformation. We are pursuing effective cost management, expanding our reach across platforms and thus aiming to further consolidate our position in the market. We made important progress in the first half of the year: our audience market shares are developing well, Joyn achieved new record figures and has now exceeded the 10 million user mark in Germany alone. We are confident that we will benefit quickly and directly from a possible economic recovery in the second half of the year. In addition, we are strengthening our financial flexibility in the long term by extending our financing instruments and making targeted use of cashflows from portfolio measures. These measures create stability and open up scope for investment in future growth.”

Entertainment revenues were down 7 percent to €570 million amid a weaker ad market but the company did see gains in digital ad revenues, with Joyn alone reporting a 62 percent boost in AVOD revenues. The platform also drove SVOD revenues, which rose by 28 percent.

Commerce and ventures revenues were flat at €199 million, while the dating and video segment saw revenues fall by 27 percent to €71 million.

The company is targeting 2025 revenues of €3.85 billion.