Thursday, March 26, 2020

Coronavirus T.I.M. News Hub - week 13 - UPDATED

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Media funds


Monday, March 16, 2020

RTL Group: 2019 results, targets 2020 and 2025, update to strategy

  • streaming subs (Videoland + NOW) 1.44m (paying subs: Videoland +29% yoy, Now +45% yoy)
  • established Format Creation Group (FC Group): develops non-scripted formats for RTL broadcasters & their streaming services, focus on entertainment formats, reality & game shows
  • acquires 50% of M6 tech unit Bedrock (used by M6 Replay & Salto, also RTL BE, RTL HU, RTL Croatia), 3rd-parties may buy into Bedrock
  • streaming rev EUR 135m
Outlook 2020 (incl early assesment of corona virus outbreak)
  • rev growth 2-3% to EUR 6784-6851m (TV ad rev slightly down, Fremantle growth 4-6%)
  • adj EBITA stable = EUR 1156m (excl additional streaming startup losses) or down 7% = EUR 1075m (incl such losses at max)
  • content spend Videoland & TV Now EUR 350m (2019: 85m)
Targets 2025
  • streaming subs 5-7m
  • streaming rev >EUR 500m
  • content spend per annum EUR 350m
  • EBITDA break-even by 2025
  • to increase reach & improve monetisation
  • 3 pillars
    • Strengthen core (families of channels, digital channels)
      • consolidate footprint incl through acquisitions
      • increase non-ad rev from platform operators
      • invest in content & sports rights
      • increase oper efficiency
      • started to review strategic options for BroadbandTV and SpotX
      • cost reductions
    • Expand growth businesses (streaming, production, technology)
      • build national streaming champions (standalone or via partnerships) to complement Netflix, Amazon Prime Video, Disney+
      • hybrid business model: SVOD, AVOD, 3-rd party & originals
      • diversify Fremantle portfolio, increase scale, focus on drama
      • create open ad-tech platform based on Smartclip
    • Foster alliances in European media
      • RTL AdConnect partnered with ITV, RAI, Medialaan
      • Ad Alliance (Germany) partnered with Media Impact (Axel Springer and Funke Mediengruppe)
      • Dutch Ad Alliance integrated sales activities of RTL NL, BrandDeli, Adfactor, Triade Media)
      • Bertelsmann Content Alliance in DE