As a seasoned movie buff with over four decades of experience under my belt, I must say that the performance of RTL Group in the first half of 2024 has been nothing short of intriguing. The revenue dip at Fremantle is concerning, but the creative success it achieved with “Poor Things” was truly Oscar-worthy!
On Friday, the European media giant RTL Group unveiled their initial half-year results for 2024, displaying a combination of successes and challenges across different sectors. The report underscored a dip in revenue at their content division, Fremantle, while showcasing robust expansion in streaming subscriptions.
In the initial half of 2024, RTL’s international content production sector, known as Fremantle, reported a decline in revenue to approximately €957 million ($1.04 billion), which is less than what was earned during the same period in the previous year (€1 billion or $1.09 billion). The company explained that this drop was due to changes in the market and certain timing factors, but the addition of Asacha Media Group, a recent acquisition, helped mitigate some of these losses.
In spite of experiencing a decline in earnings during the initial part of the year, Fremantle made a substantial impact creatively. Most notably, their film “Poor Things,” produced by Element Pictures, garnered an impressive total of 34 awards, including four Academy Awards, two Golden Globes, and five BAFTA Awards.
RTL Group’s total earnings increased by 1.8%, reaching approximately €2.9 billion, primarily due to growth in television advertising and streaming income. The group’s streaming platforms demonstrated remarkable strength, with the number of paying subscribers increasing by 24.8% to reach 6.3 million across RTL+ and M6+. Streaming revenue experienced a significant boost, rising by 41.9% to €185 million.
Despite boosting investments in content and streaming, there was a minor dip in the adjusted EBITA, decreasing from €181 million last year to €172 million this year.
In their main television operations, RTL Germany expanded their viewer advantage over rival ProSiebenSat1 to 7.6 percentage points, and their channels in France maintained their market position.
Moving forward, RTL has affirmed its projected total annual income for 2024, estimating revenues around €6.6 billion and adjusted EBITA near €750 million. The company expects streaming losses to expand to approximately €200 million in the current year due to ongoing investments.
By the year 2026, RTL intends to attain approximately nine million paid streaming subscribers and generate a revenue of €750 million from streaming services. Simultaneously, Fremantle is striving for a total revenue of €3 billion by the same year, with ambitions to enhance its adjusted EBITA margin to 9% after integrating acquisitions and reducing overheads.
Despite some challenges, Thomas Rabe, CEO of RTL Group, maintains a positive outlook, expressing that we’ve made substantial strides in implementing our strategy and reshaping our ventures. He further noted that the company is steadily advancing towards achieving its long-term streaming goals and aiming for profitability by 2026.
As a film enthusiast, I’m well aware of the financial unpredictability that surrounds us. The advertising market, in particular, is a tricky beast to foresee. Yet, despite these challenges, RTL stands firm, planning to pour resources into creating captivating content and upgrading technology. We’re also actively seeking strategic alliances to strengthen our competitive edge across our broad spectrum of media platforms.
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2024-08-09 09:46