Naman Ramachandran ProSiebenSat.1 Group, which owns one of Germany’s leading broadcasters and one of its top streaming platforms, has had an encouraging start to 2024 after a rough 2023 financial year that saw revenues dip by 7%.
Financial results for the first quarter of 2024, reported on Tuesday, reveal that group revenues increased by 6% to €867 million ($935 million) in the first quarter of 2024 and adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) grew by 35% to €72 million ($77.6 million) despite higher programming expenses.
The group said that in addition to revenue growth, the positive numbers are due to the cost control program implemented in the previous year.
The group recorded growth of 5% in advertising revenues in the German-speaking region in the first quarter of 2024. Its digital platform and commerce companies Verivox and Flaconi continued to “grow dynamically,” the group said.
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