In the first nine months of 2024, German broadcaster ProSiebenSat.1 Group reported it generated Group revenues of €2.6 billion. This is an increase of 3 per cent reflecting higher Digital & Smart advertising revenues in the German-speaking region as well as growth in the Commerce & Ventures segment. Organic growth – i.e. adjusted for portfolio changes and currency effects – amounted to 4 per cent.The revenue development is in line with the full-year outlook, even though Group revenues in Q3 were slightly below the previous year’s figure: It amounted to €882 million, corresponding to a minus of 1 per cent. This development is attributed to the correlation between consumer restraint and the cautious investments in TV advertising in Q3 2024. In addition, revenues in the Dating & Video segment declined significantly in a highly competitive environment. In organic terms, revenues remained at the previous year’s level.Streaming service Joyn saw solid growth with AVoD revenues up 28 per cent in the first nine months and 15 per cent in Q3. ProSiebenSat.1 said that TV advertising revenues, however, “clearly show the close correlation between consumer restraint and cautious investments of TV advertisers”.Martin Mildner, Group CFO of ProSiebenSat.1 Media, commented: “Private consumption, which is decisive for our TV advertising business, has not developed as positively as we expected at the beginning of the year. Nevertheless, we closed the first nine months in line with our expectations for 2024. Despite the difficult economic environment, we are making good progress in implementing our strategy and practicing consistent cost management. Furthermore, we are particularly pleased with the growth rates in both Digital & Smart advertising revenues and in the Commerce & Ventures segment. They contrast with the figures for the overall economic development in Germany.”The Group continues to confirm its full-year revenue and adjusted EBITDA target ranges. Due to the increasingly deteriorating development in the TV advertising market, ProSiebenSat.1 says it currently expects an adjusted EBITDA below EUR 575 million.
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