German media group ProSiebenSat.1 reported a significant drop in its first-quarter operating profit, with a 20 percent entertainment revenues’ fall.
ProSiebenSat.1’s entertainment business turned in sales of €527 million for the quarter, down from €663 million for the prior year. The company said it still expects full year revenues of around €4 billion.
“As expected, the macroeconomic environment continued to directly impact our advertising business in the first quarter of 2023. This is expected to continue in the second quarter, although somewhat less pronounced. We are already seeing significant improvements in advertising bookings in June compared to the previous months,” said CEO Bert Habets.
“In 2023, we are laying the foundation for profitable growth in the long-term. We are thus focusing clearly on cost efficiency and making targeted investments in the areas that are strategically important to us in order to make our offerings even more attractive, especially digitally. In this context, the focus is on Joyn. With the launch of our streaming platform in Austria, we have shown that a joint platform of private and public content is possible. We are also working intensively on this in Germany. Ultimately, it’s about giving viewers the best possible offer, directly addressing their needs and habits.”
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