Citing a deteriorating macroeconomic environment, ProSiebenSat.1 Media reported lower Q3 revenues of \u20ac921 million ($956 million), a 13 percent decline, while revenues for the first nine months of the year were relatively stable at\u00a0\u20ac2.9 billion ($3 billion).<\/p>\n
Adjusted EBITDA fell to \u20ac118 million ($123 million) from \u20ac162 million ($169 million). The results were attributed to the economic conditions in\u00a0Germany, Austria and Switzerland, with the European media group citing “persistently high inflation and increasing consumer restrain” in those markets, causing a downturn in ad revenues.<\/p>\n
Entertainment segment revenues fell by 15 percent in Q3 to \u20ac621 million ($646 million), while the dating and video segment was stable at \u20ac129 million ($134 million) and commerce and ventures down 14 percent to \u20ac170 million ($177 million).<\/p>\n
Ralf Peter Gierig, member of the executive board and group CFO of ProSiebenSat.1 Media, noted: \u201cThe market environment has become increasingly difficult over the course of the year due to inflation, the energy price crisis and consumer restraint. It is especially in these times that we are systematically pursuing our transformation. We are investing in the digital future of our group. As an early-cyclical company, we are thus very well positioned to benefit directly from an economic recovery, especially in the advertising market. That is precisely why the full takeover of the streaming platform Joyn was the right step. It plays a central role in our digital entertainment strategy. Our aim is to develop Joyn into the largest freely accessible streaming platform for premium video content in the German-speaking region, to further expand our digital ecosystem and thus to create additional monetization opportunities. We are convinced that this strategy is taking us in the right direction.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Citing a deteriorating macroeconomic environment, ProSiebenSat.1 Media reported lower Q3 revenues of \u20ac921 million ($956 million), a 13 percent decline, while revenues for the first nine months of the year were relatively stable at\u00a0\u20ac2.9 billion ($3 billion).<\/p>\n","protected":false},"author":290,"featured_media":12225,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[69],"tags":[491],"class_list":["post-12224","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-top-stories","tag-prosiebensat-1-media"],"yoast_head":"\n