Strong growth in production, distribution and digital offset a reverse in TV advertising revenues at ProSiebenSat.1 in the most recent quarter. EBITDA profit was down in the quarter, which the German media giant said was expected, but up 6% over the first half of the year at €384 million ($430 million).
Revenues for the first half of ProSieben’s financial year were up 4% at €1.9 billion, and the company said it was on track to hit its full-year targets of a mid-single-digit revenue uptick, despite limited visibility in a bumpy TV ad market.
With the TV ad market tough to predict, ProSieben has been investing in online and digital businesses and in content and distribution through its Red Arrow Studios. It was a strong performer in the first half, with content production and sales revenue up a third at €319 million. EBITDA profit increased 28% at €17 million.
The company has also partnered with Discovery to launch the streaming platform Joyn, which it said has 3.8 million monthly users.
ProSieben CEO Max Conze also highlighted a strong quarter in programming. “Our show ‘The Masked Singer’ has just cast a spell over the whole of Germany,” he said. “The finale with 38.1% was the best ProSieben primetime market share since 2010. In the second quarter, our audience shares were the best in four years, and our digital view time is continuing to post double-digit growth.”