In the first half of 2024, Banijay Group reported an 8.6% increase in revenue, reaching €2,093 million. This was primarily driven by their online sports betting and gaming sector, which saw a 41.7% revenue growth, benefiting from a busy sports calendar and the successful launch of Betclic app version 8. Additionally, Banijay's adjusted EBITDA saw an increase of 11.7%, amounting to €368 million, with an improved EBITDA margin of 17.6%. The group also reported a rise in adjusted net income, up by 13.9% to €191 million.
The content production and distribution segment, however, faced a slight decline, with revenues decreasing by 2.7% to €1,396 million. This was anticipated due to the amplified seasonality of major scripted show deliveries expected in the fourth quarter of 2024. Despite this, the demand from streaming platforms remained strong, with Banijay leveraging win-win partnerships to expand its content offerings. The group said it maintained a strong pipeline of new shows for both streaming platforms and linear broadcasters, ensuring future growth in this segment.
In live events, Banijay continued to make significant strides, producing events such as the UEFA Champions League Final in London and the UEFA Euro 2024 opening ceremony in Munich. The acquisition of Sunshine and Kennedy by The Independents further strengthened their position in the live events production market, enabling them to deliver shows like Vogue World in Paris.
Looking forward, Banijay expects low organic growth in adjusted EBITDA. The group plans to capitalize on the busy sports calendar and the increasing number of unique active players in their online sports betting and gaming division. Furthermore, the second half of the year is expected to see a strong pipeline of scripted show deliveries, which would contribute significantly to the group's overall revenue growth.
François Riahi, CEO of Banijay Group, said: “The first half of 2024 demonstrates once again the unique positioning of Banijay Group within the Entertainment industry, with a double-digit growth in earnings. Our online sports betting and gaming business delivered outstanding performance, taking advantage of a busy sports calendar to gain market shares across all products and geographies. We also registered continued demand from clients in the content production business, particularly with streaming platforms as they expand their entertainment offer. In H2, we will deliver a strong pipeline of scripted shows and solid growth in content production & distribution. In the live events field in H1, we successfully produced iconic shows in the worlds of sport and fashion. Our schedule of upcoming live events is robust, and we will continue to look for opportunities to consolidate this fast-growing segment of the entertainment industry. Thanks to our first half performance, and our highly visible pipeline for H2, we are well on track to meet our full year earnings guidance for the year of organic Adjusted EBITDA growth in the low teens.”