RTL Group Publishes Half-Year Figures: Streaming Subscriber Base Grows To 6.3 Million
RTL Group has published its financials for the first half of 2024. The group increased the subscriber base for its streaming services by 25 percent to 6.3 million, and confirmed its full-year outlook and long-term streaming targets. RTL Group increased its total revenue by 1.8% to €2.9 billion in the first six months of the year, driven by higher TV advertising and streaming revenues.
RTL Group today presented its financials for the first half of 2024. Total revenues increased by 1.8% to €2,872 million (H1/2023: €2,820 million), mainly due to higher TV advertising revenues and significantly higher streaming revenues. Lower revenues from the Fremantle production business dampened overall growth. TV advertising revenue increased by 4.7% to EUR 1,093 million (H1/2023: EUR 1,044 million), while revenues from the Fremantle content business decreased to EUR 957 million in the first half of 2024 (H1/2023: EUR 1,007 million). This was primarily due to market developments and timing effects, which were partially offset by the first-time full consolidation of Asacha Media Group at the end of March 2024.
RTL Group’s streaming services continued their dynamic performance and growth, with the number of paying subscribers rising by 24.8% to 6.3 million. Streaming revenues jumped by 41.9% to €185 million in the first half of the year (H1/2023: €130 million). RTL Group attributes this to a significantly higher number of paying subscribers, higher prices in Germany, and growth in advertising revenues at M6+. The Group’s distribution revenues increased by 7.3 percent to €177 million (H1/2023: €165 million).
RTL Group’s adjusted EBITA declined slightly to €172 million (H1/2023: €181 million). This was due to higher program costs for sports rights (broadcasting of Uefa Euro 2024 matches in Germany and France). The adjusted EBITA includes streaming start-up losses of €84 million (H1/2023: €89 million). The adjusted EBITA margin was 6.0% (H1/2023: 6.4%).
Group profit from continuing operations increased by 42.9% to €110 million (H1/2023: €77 million). Group profit from discontinued operations amounted to €63 million (H1/2023: €55 million). Total Group profit increased by 31.1% to €173 million (H1/2023: €132 million) due to significantly lower negative special effects and positive effects from the valuation of the Magnite shares.
Thomas Rabe, Chief Executive Officer of RTL Group, said: „“We have made significant progress in executing our strategy and transforming our businesses by investing, partnering and co-operating more than ever before. As a result, our TV audience performances were strong and our streaming services grew dynamically in the first six months of the year. RTL+ increased its viewing hours by almost 50 percent across all age groups, and M6+ launched successfully. We are on track to reach our long- term streaming targets and thus profitability by 2026. Our partnerships with Deutsche Telekom and Sky Deutschland are working well, and the advertising technology partnership with ProSiebenSat1 will start soon. With the planned migration of RTL+ to the Bedrock platform, we are creating a true European champion in streaming technology. With the acquisitions of Asacha Media Group and Beach House Pictures, we have invested 200 million euros to further expand our global content business Fremantle. Overall, our financial performance in the first half of 2024 was in line with our expectations, and we confirm our full-year guidance.”
Please refer to the attached RTL Group press release for further details on RTL Group’s financials for the first six months of the current year.
Contact
Oliver Fahlbusch
RTL Group, Executive Vice President Communications & Investor Relations, Chairman Corporate Responsibility
