Banijay Group, the world’s largest independent studio, recorded revenue declines across its content division in the third quarter of 2024.
The production giant behind Peaky Blinders and MasterChef posted sales of €688.9M ($743.6M) in its entertainment and live unit, down 3.5% from €713.6M in Q3 last year.
Production revenues accounted for the €536.9M of this total, a decline of 9.2%. Distribution sales stood at €85.4M (down 8.4%), while live experience revenues totaled €66.6M (up 127.5%).
The quarterly declines were a trend across Banijay’s first nine months of trading in 2024. Production sales were down 7.7% to €1.63B year-on-year, while distribution sales fell 16.1% to €232.9M.
Banijay blamed lower production revenues on “seasonality” and the phasing of shows, pointing out that it will deliver “major” scripted series in Q4 that will grow revenue for the year.
Bright spots included international versions of LOL: Last One Laughing for Amazon Prime Video. Banijay also highlighted The Summit, a reality competition series sold to CBS and ITV in the UK, as the company attempts to build its “next generation of superbrands.”
Banijay Group’s total revenue increased 8.9% to €3.1B in the first nine months of the year, thanks to 44% growth in its sports betting and gaming business. Adjusted EBITDA rose 15.3% to €546M.
François Riahi, CEO of Banijay Group, said: “In content production and distribution, we saw significant demand from streamers, while the delivery of a strong lineup of major scripted shows in Q4 will drive organic revenue growth on a full-year basis.”
