European media giant RTL Group released its first-half 2024 results on Friday, revealing a mixed performance across its divisions. The report highlighted a decline in revenue at content arm Fremantle, in contrast to strong growth in streaming subscriptions.
Fremantle, RTL’s global content production business, saw revenue fall to €957 million ($1.04 billion) in the first half of 2024, down from more than €1 billion ($1.09 billion) in the same period last year. The company attributed the decline to market developments and the effects of phasing out, which were partly offset by the first-time full integration of the recently acquired Asacha Media Group.
Despite the drop in revenue, Fremantle had a huge creative success in the first half of the year. Notably, her Element Pictures film “Poor Things” won 34 awards, including four Oscars, two Golden Globes and five BAFTAs.
RTL Group’s total revenues rose by 1.8% to €2.9 billion, supported by gains in TV advertising and streaming revenues. The group’s streaming services showed particular strength, with subscribers growing by 24.8% to 6.3 million across RTL+ and M6+. Streaming revenues rose by 41.9% to €185 million.
However, increased investments in content and streaming led to a slight decrease in adjusted EBITDA, which fell to €172 million from €181 million in the previous year.
In its core TV business, RTL Deutschland extended its lead over rival ProSiebenSat1 in terms of audience numbers to 7.6 percentage points, while the group's French channels remained stable in their market share.
Looking ahead, RTL confirmed its full-year 2024 outlook, forecasting revenues of around €6.6 billion and EBITDA of around €750 million. The company expects broadcasting losses to rise to around €200 million this year due to ongoing investments.
By 2026, RTL aims to reach nine million streaming subscribers and €750 million in streaming revenue. Fremantle is targeting €3 billion in revenue by the same year, with plans to improve its adjusted EBITDA margin to 9% after integrating acquisitions and reducing overheads.
RTL Group CEO Thomas Rabe remained optimistic, saying: “We have made significant progress in implementing our strategy and transforming our business.” He added that the company was “on track” to reach its long-term broadcasting and profitability targets by 2026.
The group acknowledged the ongoing economic uncertainty, noting that the advertising market outlook remains difficult to predict. RTL plans to continue investing in content and technology while seeking strategic partnerships to strengthen its competitive position across its diverse media portfolio.
