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ProSiebenSat.1 Reports Q1 Revenue Gains After Previous Net Loss

The German mass media and digital company reported a profit in its Q1 preliminary report, with revenues reaching US$921.1 million. By Ching Wai.

Europe - A recovery in ad revenues and gains at streaming platform Joyn have pushed ProSiebenSat.1 Media’s preliminary first quarter revenues to increase by 6% to €867 million (US$921.1 million).

According to reports, 36% more monthly video users joined Joyn, and there was a 50% increase in advertising-based video on demand (AVOD) revenues as compared to the year-ago period. The adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) also increased by 35% to €72 million (US$76.6 million). ProSiebenSat.1 Media pushed through the year-ago net loss with an adjusted profit of €8 million (US$8.5 million).

“As expected, we have made a very good start to the year. This shows that the consistent implementation of our strategy is taking effect. We were able to close the first quarter of 2024 not only with revenue growth, but also with significant earnings growth due to consistent cost management,” Martin Mildner, group CFO, described.

Mildner elaborated, “The advertising market recovered slightly at the beginning of the year, and we increased both our TV and our digital and smart advertising revenues in the German-speaking region, also benefiting from an earlier Easter compared to the previous year. At the same time, our Commerce & Ventures portfolio around Verivox and flaconi continued its dynamic and profitable growth. Over the course of the year, we will continue to intensively drive our strategy forward and consistently pursue our cash and cost management.”

ProSiebenSat.1 Media is a German mass media and digital company that operates three segments, one of which being entertainment. Joyn, a streaming platform operated under company Joyn GmbH which is fully owned by ProSiebenSat.1 Media, offers series, films, and live streaming from about 78 TV channels.

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