Banijay Reports Strong Q1 Performance with Guidance Confirmation and Digital Growth
Banijay's Q1 2024 Financial Results and Strategic Developments
By Leo Marchandon and Jerome Terroy
Strong Financial Performance Across Divisions
May 18 (Reuters) - French entertainment group Banijay reported first-quarter underlying earnings before interest, taxes, depreciation and amortization (EBITDA) of 197 million euros ($229.4 million) on Monday, citing strong performance in all divisions and confirming its guidance.
Growth in Sports Betting and Gaming
Sports betting and gaming revenue rose 17.3% to 433 million euros, driven by a 20% increase in active players.
Impact of Major Sporting Events
Banijay said major sporting events this year, notably the FIFA World Cup, are expected to provide further support.
"Customer acquisition is significantly stronger in a World Cup year," CEO François Riahi said in a press call.
Expansion of Live Experiences
Its live experiences revenues doubled year-on-year to 139 million euros, carried by the production of the opening ceremony of the Winter Olympics in Milan. Riahi said Banijay would also produce ceremonies during the World Cup in Canada, Mexico, and the United States.
Production Division and Content Delivery
Its production division's revenue was down around 9% this year as most content deliveries are scheduled for the fourth quarter, with Riahi citing shows such as "The Buccaneers" and "SAS Rogue Heroes" and expressing confidence in stable revenues over the whole year.
Digital Strategy and Content Innovation
The group is also expanding its digital strategy, including by acquiring global rights to "Stop The Train," a YouTube-born format by French internet content creators, which it plans to roll out internationally.
"The landscape is clearly shifting," Riahi said, referring to the growth of digital-native content.
($1 = 0.8593 euros)
(Reporting by Leo Marchandon and Jerome Terroy in Gdansk; Editing by Chris Reese)
