Company attracting subscribers faster than expectedBERLIN — German pay TV broadcaster Premiere maintained its steady revenue climb of the past year and managed to cut its losses by 69% to e110.4 million ($125.4 million) in the first half of the year.
Premiere, once the biggest money-losing asset of former media mogul Leo Kirch — and the one that triggered the group’s bankruptcy last year — boosted revs 26% to $535 million and upped subscribers 12% to just under 2.7 million by June. It added another 15,000 to that figure by the end of July. The number of subscription cancellations was down 14%.
Gaining subs quickly
Company topper Georg Kofler said Premiere was attracting subs faster than expected, adding that the broadcaster’s “development shows that the goal of reaching profitability by the first quarter of next year is realistic.”
The broadcaster attributed $13.6 million of its net loss to one-time restructuring expenses, which lowered overall operating costs by 24% to $552 million.