RTL Group has released its interim results for the first half of 2024, showcasing a robust performance driven by a combination of revenue growth, strategic investments, and operational efficiency. In the first half of 2024, RTL Group's revenue grew by 1.8% to €2.9 billion, compared to €2.8 billion in the same period last year. This growth was primarily fueled by a 4.7% increase in TV advertising revenue, which reached €1.093 billion, and a substantial 41.9% rise in streaming revenue to €185 million. Despite these gains, revenue from RTL’s content business, Fremantle, declined by 5% to €957 million due to market developments and timing effects.
The company’s adjusted EBITA slightly decreased to €172 million from €181 million in H1 2023, largely due to higher content investments, including costs associated with broadcasting UEFA Euro 2024 matches. However, total group profit saw a remarkable increase of 31.1%, reaching €173 million, up from €132 million in the previous year. This was attributed to lower negative special items and positive effects from the valuation of Magnite shares.
RTL Group’s streaming services exhibited continued strong performance, with the number of paying subscribers rising by 24.8% year-on-year to 6.3 million. This growth was led by RTL+ in Germany, which saw a 24.6% increase in subscribers, supported by popular content and strategic partnerships. M6+ in France, launched in May 2024, also contributed to the expansion, with a significant boost in monthly active users and viewing hours.
RTL Group continued to expand its content business, Fremantle, with strategic acquisitions, including an 80% stake in Beach House Pictures and the full acquisition of Asacha Media Group. Fremantle’s creative output received widespread recognition, winning 114 awards, including four Oscars for the film "Poor Things."
The company also strengthened its alliances and partnerships, notably with Sky Deutschland, which now includes sublicensing arrangements and extended streaming collaborations. Additionally, RTL Deutschland secured exclusive free-to-air TV and streaming rights for top German film productions through partnerships with Wiedemann & Berg Film and Leonine Studios.
Looking ahead, RTL Group remains optimistic, confirming its full-year guidance for 2024. The company expects its full-year revenue to increase to approximately €6.6 billion, driven by higher revenue from RTL Deutschland and a recovery in the U.S. market for Fremantle. Adjusted EBITA for 2024 is projected to be around €750 million, with streaming start-up losses anticipated to rise due to investments in M6+.
RTL Group is on track to achieve its long-term streaming targets, aiming for profitability in this segment by 2026. The group plans to expand its streaming services to approximately 9 million paying subscribers by 2026, with an expected annual content spend of €500 million.
Thomas Rabe, Chief Executive Officer of RTL Group, stated: “We have made significant progress in executing our strategy and transforming our businesses by investing, partnering and co-operating more than ever before. As a result, our TV audience performances were strong and our streaming services grew dynamically in the first six months of the year. RTL+ increased its viewing hours by almost 50 per cent across all age groups, and M6+ launched successfully. We are on track to reach our longterm streaming targets and thus profitability by 2026.” He then continued: “Our partnerships with Deutsche Telekom and Sky Deutschland are working well, and the advertising technology partnership with ProSiebenSat1 will start soon. With the planned migration of RTL+ to the Bedrock platform, we are creating a true European champion in streaming technology. With the acquisitions of Asacha Media Group and Beach House Pictures, we have invested €200 million to further expand our global content business Fremantle.”
Rabe concluded: “Overall, our financial performance in the first half of 2024 was in line with our expectations, and we confirm our full-year guidance.”
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