ProSiebenSat.1 Revenues Stabilize in Q3

After a difficult first half of the year, ProSiebenSat.1 Media says revenues stabilized in the third quarter, slipping by 3 percent to €888 million ($952 million).

“We have taken the challenges in the market as an opportunity to realign our group in terms of both personnel and organizational,” said Bert Habets, group CEO. “In doing so, we are setting the course to expand our digital business areas more strongly. At the same time, we have now successfully implemented the cost-efficiency program that we initiated at the beginning of the year. This applies above all to the entertainment segment, but we have also responded to the declining revenues in the dating and video segment. We are confident and see a positive trend in the third quarter: Joyn recorded a very good quarter once again with an increase of 58 percent in AVOD advertising revenues, while the audio segment and programmatic trade of advertising time also increased their revenues dynamically. The commerce business around our majority investments, and in particular Verivox and flaconi, is picking up strongly. We will fully realize the savings from our efficiency program in the fourth quarter respectively in 2024.”

Entertainment segment revenues were 4 percent lower at €598 million ($641 million) amid continued ad declines. Declines in ad revenues did slow though, falling by 5 percent, as digital and smart advertising revenues in the German-speaking region grew by 16 percent, partially offsetting the decline in TV advertising revenues. Joyn, in particular, saw ad revenue gains.

Commerce and ventures revenues were up 14 percent to €182 million ($197 million), while dating and video revenues slipped to €108 million ($116 million).

Looking ahead, the company is projecting improved revenues in Q4.