ProSiebenSat.1 posted its quarterly earnings today registering group revenues that slightly decreased in the third quarter of 2023 and amounted to EUR 888 million (compared to EUR 911 million in the previous year).
The 3 percent decline, due to the continuing weak economy, was compensated by increasing advertising revenues from digital entertainment offerings in the German-speaking region (such as from streaming platform Joyn); and by significant growth of commerce and ventures companies Verivox and flaconi. This almost completely compensated for the decline in TV advertising revenues.
Bert Habets, Group CEO of ProSiebenSat.1 Media, said: “We have taken the challenges in the market as an opportunity to realign our Group in terms of both personnel and organizational. In doing so, we are setting the course to expand our digital business areas more strongly. At the same time, we have now successfully implemented the cost efficiency program that we initiated at the beginning of the year. This applies above all to the Entertainment segment, but we have also responded to the declining revenues in the Dating & Video segment. We are confident and see a positive trend in the third quarter: Joyn recorded a very good quarter once again with an increase of 58 percent in AVoD advertising revenues, while the audio segment and programmatic trade of advertising time also increased their revenues dynamically. The commerce business around our majority investments and in particular Verivox and flaconi is picking up strongly. We will fully realize the savings from our efficiency program in the fourth quarter respectively in 2024.”
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