Production and distribution revenues fell 8.8% as group figures hit £2.6bn
Banijay Group’s revenues grew 9% year-on-year to reach €3.1bn (£2.6bn) despite a similar revenue drop in production and distribution, according to its latest financial results.
Production revenues were down 7.7% from €1.7bn to €1.6bn, while distribution fell from €277.5m to €232.9m (£230.8m to £193.7m) – a 16.1% drop. Combined, production and distribution revenues were €1.9bn, down from €2.1bn – an 8.8% reduction.
The overall Banijay Entertainment division, which accounts for 67% of Banijay Group’s consolidated revenues, saw its revenues fall 2.9%. This was offset by 118% growth in its live experiences unit, which increased from €99.7m in Q3 2023 to €217.2m this year – largely due to the consolidation of Balich Wonder Studio.
Banijay Entertainment’s adjusted earnings were €287.5m down 2.1% from the €293.8m last year.
The super-indie said the results in its core business were “primarily because of the traditional seasonality of content production and live events” and impacted further by the delivery of “major scripted shows” during Q4. Production declines were due to the “expected phasing of shows” compared to the equivalent period last year.
In its half-year results, the super-indie also saw a dip in its production and distribution revenues, offset by overall group growth.
For the first nine months of 2024, the group’s EBITDA was up 15.3% to €546m (£454.1m).
Banijay Group, which saw Banijay Entertainment consolidate Peaky Blinders indie Caryn Madabach Productions among myriad M&A plays this year, cited the launch of Endemol Shine Australia formats The Summit on CBS and Love Triangle on E4 alongside Amazon Prime Video’s LOL: Last One Laughing UK as part of its success story “spearheading format travel across its global footprint”.
François Riahi, chief exec of Banijay Group, said: “Banijay Group continued its strong performance with high single-digit revenue and double-digit earnings growth for the first nine months of 2024.
“The demand for quality entertainment remains strong and growing. Online sports betting & gaming once again outperformed its markets across all activities, driven by a busy calendar of major sporting events and the success of our platform in attracting and retaining more players.
“In Content production & distribution, we saw significant demand from streamers, while the delivery of a strong lineup of major scripted shows in Q4 will drive organic revenue growth on a full-year basis. Our unique positioning, in terms of size, footprint and IP detention, puts us in a very favourable competitive position.
“Thanks to our strong results for the first nine months, and our highly visible pipeline for Q4, we are increasingly confident in our full-year performance.”
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