Viaplay Group reported its first quarter 2025 results, highlighting continued progress in its transformation strategy focused on performance improvements, monetization, cost control, and a clear shift towards value over volume. Despite a challenging environment, the company reaffirmed its full-year targets, maintaining expectations for low-to-mid single-digit organic revenue growth and positive free cash flow from core operations.
For the quarter, Viaplay Group posted total net sales of SEK 4,374 million, down from SEK 4,757 million in Q1 2024, reflecting a 5% organic decline in core markets, which include the Nordics, the Netherlands, and Viaplay Select. Operating losses before associated company income and items affecting comparability improved year-on-year, narrowing to SEK -227 million from SEK -317 million. Net income stood at SEK -125 million, compared to SEK 605 million in the same period last year, while free cash flow improved significantly, though still negative at SEK -671 million.
President and CEO Jørgen Madsen Lindemann emphasized that while significant steps have been taken since Viaplay’s recapitalization a year ago, execution remains the company’s top priority. “We have refined our content strategy, strengthened monetization, and exited non-core markets, but there is still much to do. We are building long-term, flexible, and profitable models that deliver value for Viaplay Group, our partners, and our viewers,” Lindemann stated. He reiterated the company’s commitment to fair and sustainable collaborations, noting that Viaplay will continue to seek creative partnerships aligned with its strategic ambitions.
Viaplay’s content strategy, centered on commercially viable formats, delivered strong results during the quarter. Returning franchises like "Paradise Hotel" in Denmark and Norway topped non-sports viewership charts, while new titles such as "Better Sex" and "St Görans Sjukhus" demonstrated the potential of fresh, locally resonant storytelling. The company’s premium sports portfolio also drove engagement, with events like the Premier League, FIS World Cup, and Formula 1 attracting millions of viewers. Upcoming coverage of the UEFA finals and the Ice Hockey World Cup is expected to sustain this momentum into the second quarter.
In streaming, Viaplay’s direct-to-consumer average revenue per user continued to grow due to pricing adjustments and an improved product mix, despite a year-on-year decline in overall subscriber numbers driven by B2B contraction. Linear subscriptions grew organically by 2%, supported by new partnerships and pricing strategies. Digital advertising offset linear declines, resulting in 1% organic growth in total advertising revenue, with Viaplay’s HVOD offering now active in the Netherlands.
Sublicensing and other revenues fell 53% organically, as expected, due to fewer scripted content deals compared to the previous year, reflecting the company’s strategic pivot towards sports sublicensing and creative partnerships in 2025.
Lindemann concluded by reaffirming Viaplay’s focus on operational improvements and commercial opportunities, stating, “We know the value of what we create and deliver. While we remain flexible, we will not compromise on building partnerships that ensure long-term mutual value. This is the only way to build a stronger business for us, our partners, and the audiences we serve.”
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