On track: ProSiebenSat.1 continues revenue growth in second quarter of 2019
Q2 Group revenues increase by 4% to EUR 947 million - growth of 28% at Red Arrow Studios, 18% at NuCom Group and 26% in digital and smart advertising business more than compensates decline of 3% in TV core advertising revenues
Adjusted EBITDA and adjusted net income decline as expected due to investments recognized as expenses in future-fit Entertainment business
Focus on local content is starting to pay off: Best Q2 TV audience share in four years at 28.4% ( 1.2%pts); ProSieben's The Masked Singer ends with 38.1% market share and 9 million viewers at final show
Increase in Total Video Viewtime: 26% growth in digital viewtime more than compensates for decline in linear reach in the second quarter
Successful market launch of our streaming platform Joyn with over 3.8 million monthly total active users and over 2.4 million installed apps
H1 with growth of Group revenues ( 4%), EBITDA ( 6%) and net income ( 38%)
Group confirms financial targets for full-year 2019
Munich, August 7, 2019. Max Conze, CEO of ProSiebenSat.1 Media SE, comments: We are making good progress in the transformation of ProSiebenSat.1 and are delivering what we have announced: Despite a continued difficult advertising market environment, our organic and reported revenues grew 4% in the second quarter. Organic(1) growth at Red Arrow Studios of 21% (28% reported) and NuCom Group of 7% (18% reported) as well as growth of 26% in our digital and smart advertising business is fueling the diversification of the Group further.
We continue to focus single-mindedly on the execution of our strategy and are reaching important milestones. Our platform Joyn has been launched successfully in June with over 3.8 million monthly users across all devices: four times its predecessor 7TV. At the same time, our investments in local content are starting to pay off. Our show The Masked Singer' has just cast a spell over the whole of Germany. The finale with 38.1% was the best ProSieben prime time market share since 2010. In the second quarter, our audience shares were the best in four years, and our digital view time is continuing to post double-digit growth. We thereby managed to more than compensate for the decline in linear reach in the second quarter. These investments are now reflected in adjusted EBITDA - a planned and conscious decision to invest in the future of ProSiebenSat.1. We are convinced this will pay off and we are on the right track focusing on local and digital.
Group performance
ProSiebenSat.1 Group is growing further and continues its transformation successfully: In the second quarter of 2019, the Group increased its revenues by 4% to EUR 947 million (previous year: EUR 912 million). The organic(1) revenue increase also came in at 4%. This was driven by growth in the Content Production & Global Sales and Commerce segments, which more than compensated for the weaker development in the Entertainment segment: Content Production & Global Sales and Commerce increased their revenues by 28% and 18% respectively in the second quarter (organic growth of 21% and 7% respectively), the Entertainment business was 4% below the previous year's quarter (organic decline of 1%). Total advertising revenues in the Entertainment segment declined by 2% compared to the previous year with the digital and smart advertising business growing strongly by 26% while TV core advertising revenues were down by 3%. The Group's adjusted EBITDA came in as expected and declined by 18% to EUR 213 million (previous year: EUR 259 million) in the second quarter. As previously announced, this decline reflects the investments recognized as expenses into the future of the Entertainment business as well as lower advertising revenues. The Group has decided to strengthen its investments in the areas of content, digital platforms and advertising technologies. Adjusted net income decreased by 38% to EUR 85 million (previous year: EUR 136 million) in the second quarter as planned.
In the first half of 2019, ProSiebenSat.1 Group's revenues grew by 4% to EUR 1,860 million (previous year: EUR 1,794 million; organic growth of 4%). Adjusted EBITDA declined by 12% to EUR 403 million in the first six months of the year (previous year: EUR 459 million), while adjusted net income was down by 22% to EUR 179 million (previous year: EUR 230 million). However, EBITDA (EUR 384 million; 6%) and net income (EUR 215 million; 38%) respectively posted an increase in the first half of the year especially due to lower one-time expenses as in the previous year.
Segment performance
In the Entertainment segment, external revenues declined by 4% in the second quarter of 2019. Organically, external revenues decreased slightly by 1%. The Group's digital and smart advertising business once again developed dynamically, rising clearly by 26% in the second quarter and thus partly compensating for the decline in the TV core advertising revenues. These were 3% below the previous year's figure in the second quarter. Furthermore, the deconsolidation of the video-on-demand portal maxdome and the online fitness provider 7NXT had an impact overall. In the audience market, ProSiebenSat.1 Group's channels posted their best second quarter in four years with a market share of 28.4% (14- to 49-year-olds; 1.2%pts). The audience share continued to rise in July and was well above the previous year's level at 28.6% ( 0.9%pts). Digital viewtime rose by 26% in the second quarter. In particular, the formats The Masked Singer , Joko und Klaas gegen ProSieben and Das SAT.1-Fr hst cksfernsehen are popular with viewers on all platforms. Due to the strong digital growth and an increasing audience share, ProSiebenSat.1 more than compensated for the decline in linear reach: In the second qua
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On track: ProSiebenSat.1 continues revenue growth in second quarter of 2019
