ProSiebenSat.1 Sees Revenue Grow to $4.2 Billion Despite Market Headwinds, Streaming Platform Joyn Surges

variety.com:

Naman Ramachandran German media giant ProSiebenSat.1 Group has managed to swim against the current of a challenging economic environment, posting revenue growth of 2% to €3.91 billion ($4.23 billion) for the 2024 financial year.

The results fell within the media conglomerate’s communicated target ranges, though adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) dipped 4% to $602 million compared to the previous year.

The company’s digital entertainment strategy appears to be bearing fruit, with its streaming platform Joyn emerging as a standout performer.

While traditional TV advertising revenues declined, the platform achieved a 36% increase in AVoD (advertising video on demand) revenues, with monthly video users surging 44% to 7.1 million and viewing time climbing to 40.2 billion minutes — a 36% year-over-year increase. “Our focus on the entertainment business and the consistent implementation of our strategy are paying off,” said Bert Habets, CEO of ProSiebenSat.1 Media SE. “This is demonstrated by the strong growth of Joyn and the improved performance of our linear channels at the end of the year.” The Commerce & Ventures segment was another bright spot, exceeding $1.08 billion in revenues for the first time — a 19% increase over the previous year.