So, it looks like Fremantle didn’t quite hit it out of the park in Q1, with revenues taking a bit of a knock by almost 10%. But fear not, dear readers, for owner RTL is feeling pretty optimistic about a comeback and has set some lofty growth targets for the full year of 2024.
The folks at RTL are blaming the weak Q1 performance of Fremantle on some “timing effects in the UK, Italy, and Germany” when it comes to show launches. It’s like when you plan to be at the party fashionably late, but end up missing all the good stuff – not cool, timing, not cool.
But fear not, because things are looking up for Fremantle in the coming quarter. There’s a whole lineup of exciting new shows on the horizon, including a second season of BBC drama The Responder and new series like Nightsleeper and season 19 of America’s Got Talent. Plus, who can forget Race To Survive: New Zealand – it’s like The Amazing Race, but with more sheep.
And let’s not forget the €200M investment in Death in Paradise content group Asacha and 80% of Singapore’s Beach House Pictures – Fremantle is making moves, people!
In the grand scheme of things, Fremantle’s full-year 2023 turnover dipped by 3.5%, which led to RTL pushing back its super-indie’s ambitious €3B revenue target for 2025. Hey, Rome wasn’t built in a day, right?
But fear not, because RTL as a whole saw a healthy Q1 turnover boost of 2.6% to €1.3B – driven by TV ads and streaming revenue. It’s like when you find money in your old coat pocket, except on a much larger scale.
Looking ahead, RTL has set its sights on a full-year 2024 turnover target of €6.6B, which would be quite the jump of over 6%. They do expect a slight drop in adjusted EBITA, but hey, they’ve given themselves a €50m buffer, so it’s all good.
The adjusted EBITA outlook includes higher content costs for Euro 2024 matches and investments in a new streamer, M6+, in France. It’s like buying a new car – sure, it costs more upfront, but think of all the cool road trips you’ll take!
And get this – Fremantle is aiming to triple its streaming revenue to €750M by 2026, while also doubling their content spend to €500M. It’s like going from a cozy studio apartment to a sprawling mansion – more space, more fun!
CEO Thomas Rabe is feeling pretty chuffed about RTL’s performance, saying they’ve started the year strong and are sticking to their game plan. Investing through the cycle and strengthening their positions – it’s like a chess game, but with TV shows and revenue targets instead of knights and bishops.
