ProSiebenSat.1 Media posted 2024 revenues of €3.9 billion ($4.2 billion), a 2 percent year-on-year increase, despite a challenging linear TV advertising market.
CEO Bert Habets commented: “Our focus on the entertainment business and the consistent implementation of our strategy are paying off: This is demonstrated by the strong growth of Joyn and the improved performance of our linear channels at the end of the year. We are also investing heavily in programming and new technologies in order to strengthen our competitiveness in the long term. Our goal is clear: we want to establish Joyn as the leading advertising-financed streaming platform in the German-speaking region and continue to significantly increase Joyn’s marketable reach with clear double-digit growth rates per year. With our chosen course, we will successfully expand our position in the entertainment market.”
CFO Martin Mildner added, “We have achieved our financial targets despite difficult economic conditions. This is not least the result of our consistent cost management. At the same time, we are making important progress in implementing our entertainment strategy and are pleased with the growth in large parts of the Commerce & Ventures segment. We will continue to work consistently on our cost base in order to achieve our financial targets. After all, a solid financial basis is the prerequisite for growth and profitability.”
Entertainment revenues were flat at €2.5 billion ($2.7 billion) amid Germany’s economic challenges and shifting consumption habits away from linear, with overall ad revenues down 3 percent. Digital and smart advertising revenues, however, rose, bolstered by increasing demand from brands and consumers for Joyn. The company also reported improved distribution revenues. Commerce and ventures revenues rose by almost 20 percent to €1 billion ($1.1 billion), while dating and video fell by 13 percent to €375 million ($405.9 million).
Adjusted net income was up 2 percent to €229 million.
