RTL Group Revenue, Profits Hit by Weak Advertising, Streaming Business Continues Growth, Half Year Results Reveal
variety.comNaman Ramachandran Revenues at Bertelsmann’s Luxembourg-based RTL Group, a media giant which owns Fremantle, slid 5.1% to €3.1 billion ($3.4 billion) for the first half of 2023, financial results released on Tuesday have revealed.
Adjusted EBITA (Earnings Before Interest, Taxes, and Amortization) was down to down to €250 million compared to €501 million during the same period in 2022 and group profit was at €132 million, more than 50% down €304 million in 2022.
The company attributes this to “challenging TV advertising markets, in particular in Germany.” RTL group’s TV advertising revenue declined 12.5% to €1.18 billion (H1/2022: €1.35 billion).
Compared to the first half of 2019 (pre-COVID-19), RTL group’s TV advertising was down 15.5%. On the bright side, the group’s streaming services RTL+ and Videoland continued growing apace with paying subscribers up 34.1% to 6 million and streaming revenue up 16.9% to €152 million (H1/2022: €130 million).
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