Banijay reported revenues of €3.32 billion in fiscal 2023, up 5.7% from 2023. The production powerhouse's earnings before interest, taxes, depreciation, and amortization (EBITDA) rose 4.5 percent, or 6.7 percent on a constant-currency basis, to €494 million ($540 million) last year.
Strong inorganic growth in the live events arena aided sustained growth in its unscripted and scripted content business. For the full year, Banijay produced 201 new unscripted programs and 71 fiction projects, resulting in a 3.3% increase in production revenues to €2.69 billion. Distribution revenues also increased by 3.8% to €395.3 million, and its live experience business grew by 51.4% to €237.1 million following the majority acquisition of Balich Wonder Studio. Adjusted profit grew by 6.7% to €493.5 million in 2023.
Banijay CEO Marco Bassetti said: "In content production & distribution, 2023 illustrated our strengths in more challenging macroeconomic conditions, powered by our iconic brands like Big Brother and Star Academy, the depth of our content catalog, and new scripted and non-scripted formats that are in demand from both linear and streaming clients across the globe. We are also developing opportunities in exciting areas like sports entertainment while further monetizing our IP through digitalization and content indexing, which represents a new avenue for growth. Our diversification into the fast-growing live experiences market is also helping us to become a true multi-disciplinary creative heavyweight."
Banijay has also made a concerted effort to grow its business with global streaming platforms. According to the company, total production and distribution revenue derived from streamers increased to 19% in 2023, up from 18% in 2022 and 13% in 2021. Vital new releases for Banijay in 2023 included the return of "Big Brother" to the UK via ITV and "The Buccaneers" on Apple TV+.
In terms of distribution, Banijay's year was marked by the delivery of the scripted "Marie Antoinette," sold to over 147 territories, including the US, the UK, Australia, and several broadcasters across Europe and Latin America. "Lego Masters" continued to experience global success, reaching 20 territories, with RTL broadcasting a first season in Hungary and 46 seasons globally since 2017. This followed a deal for the format with TBS in Japan, and several multi-season runs in major markets, including the US and Australia. In 2023, the world's most successful cookery TV format, "MasterChef," reached 70 territories.
With the shows produced in 2023, Banijay's catalog grew 16% year-on-year to 185,000 hours of content. "Into 2024, we will remain focused on safeguarding our core business, driving organic growth, and adapting our corporate structure to current market reality," said Bassetti.
François Riahi, CEO of FL Entertainment, said: "We delivered record results in 2023, powered by the continued strong performance of both businesses. Since we listed two years ago, we have increased our revenue by 30% and our Adjusted EBITDA by 26%, illustrating the strength of our business model. In Content production & distribution, 2023 illustrated our strengths in more challenging macroeconomic conditions, powered by our iconic brands like 'Big Brother' and 'Star Academy,' the depth of our content catalog, and new scripted and non-scripted formats that are in demand from both linear and streaming clients across the globe. We are also developing opportunities in exciting areas like sports entertainment while further monetizing our IP through digitalization and content indexing, which represents a new avenue for growth. Our diversification into the fast-growing live experiences market is also helping us to become a true multi-disciplinary creative heavyweight."
Riahi also spoke regarding the sports betting business: "In online sports betting & gaming, we delivered strong performance across all segments, with significant double-digit growth in casino, poker, and turf revenues demonstrating the diverse appeal of our best-in-class tech platform. Underpinned by our resolute commitment to responsible gaming - with 99% of revenues coming from locally regulated countries - we developed our leading positions in France, Portugal and Poland, and successfully expanded into the Ivory Coast, with more to come in Africa."
Finally, Riahi explained that, for 2024, "one of our top priorities will also be expanding our free float and stock liquidity, so that our strong operational performance can result in value creation for all our shareholders."
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