Banijay's Annual Result Revealed Increse Revenues Despite the Challenging Market Conditions

Banijay's Annual Result Revealed Increse Revenues Despite the Challenging Market Conditions
Despite facing challenging market conditions, Banijay experienced a 6% increase in revenues over the past year, supported by its expansion into live events, which contributed to slight growth in distribution and production.

FL Entertainment, Banijay's parent company, revealed its annual results, reporting that Banijay's revenues reached €3.3bn ($3.6bn) in 2023, a 7% rise in profits to €494m. Production increased by less than 1% compared to 2022, totaling €2.69bn, while Banijay Rights' revenue rose by 2% to €395m, up from €388m in 2022, with a catalog now spanning 185,000 hours.

The incorporation of live experiences, including the acquisition of Balich Wonder Studio, significantly contributed to the group's revenue growth, generating €237m throughout the year, a nearly 49% increase pre-acquisition.

Acknowledging the demanding market conditions, Banijay CEO Marco Bassetti praised the results but admitted plans to adapt the corporate structure to current market realities in 2024, emphasizing the protection of the core business and fostering organic growth.

Furthermore, Banijay highlighted the launch of more than 70 new scripted titles and over 200 unscripted titles in 2023, responding to the ongoing demand from local and global streaming platforms for non-English content and sports documentaries.

Banijay also confirmed efforts to refinance its debt exceeding €2bn, with most loans maturing in 2028 or 2029, while expanding initiatives to engage younger demographics through digital and social platforms.

François Riahi, CEO of FL Entertainment, underscored Banijay's strengths in content production and distribution amid challenging economic conditions, driven by iconic brands such as Big Brother and Star Academy, alongside new formats catering to linear and streaming clients worldwide.

The company also announced the winners of its Banijay Launch program, coinciding with International Women's Day, with joint winners Amber Kane and Emily Wilson set to collaborate with Banijay to develop their unscripted format ideas.