Banijay revenue largely flat in a tough 2024 at $3.6bn but predicts market rebound
Banijay posted revenue of €3.35bn (US$3.6bn) across its production, distribution and live operations in fiscal 2024, up by just 0.5% from the previous year, as the European studio giant held steady amid a tough climate and predicted a return to global market growth in 2025.
Marco Bassetti
Within that €3.35bn, full-year production revenue slipped 2.8% to €2.61bn, distribution was down 1.5% to €397m and live experiences rose 41.7% to €336m. Production and distribution are housed under the Banijay Entertainment division while live experiences sits within Banijay Live.
In the fourth quarter, revenue for Banijay Entertainment and Banijay Live grew 6.7% to €1.26bn versus Q4 the year before.
In its earnings report, Banijay said its full-year results were solid given the market backdrop of reduced spending by streamers, particularly for big-budget English-language content and a decline in commissioning volume from traditional broadcasters.
While production revenue was down 2.8% for the full year, it was up 6.2% year-on-year to €980.2m in Q4.
Key scripted series highlighted by Banijay Entertainment included Carême (Apple TV+), Las Sabinas (Disney+), Culpa Tuya (Prime Video), Like Water for Chocolate (Max), Brocéliande (TF1), SAS Rogue Heroes (BBC), Marie-Antoinette (Canal+/BBC) and Netflix Italy shows Supersex, La Vita che Volevi and The Law According to Lidia Poet. Across the group, Banijay produced more than 17,000 hours in 2024.
On the distribution side, while revenue decreased by 1.5% for the full year, Q4 revenue rose 33.2% to €164.1m compared with the same period a year ago.
The Q4 distribution performance was helped by the delivery of scripted productions including Marie-Antoinette, The Rig, NCIS Sydney and SAS Rogue Heroes, said Banijay, in addition to the continued strength of formats such as Deal or No Deal, MasterChef, Big Brother, Survivor, Minute to Win It and The Money Drop.
Over the year, Banijay Entertainment’s distribution catalogue grew by 20,000 hours and now encompasses around 207,000 hours of content.
Banijay Entertainment noted that 22% of its revenue in 2024 was derived from streaming platforms, up from 13% in 2021.
Growth in the company’s live experiences segment was driven by brand licensing and the full-year contribution of Balich Wonder Studio, which it acquired https://www.c21media.net/news/banijay-takes-majority-stake-in-italys-balich-wonder-studio-as-ma-push-continues/ in 2023. The events specialist produced 119 live shows in 2024, including the opening ceremonies for Euro 2024 in Munich and the Champions League in London. Banijay noted that demand for live shows in Saudi Arabia “softened” in 2024, while also noting that its stake in The Independents contributed to strong live revenues.
Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for Banijay Entertainment and Banijay Live increased by 7% in 2024 to €528.2m.
Banijay Entertainment and Banijay Live sit within Banijay Group, which also includes the betting division Banijay Gaming.
Across the whole company, including its betting business, full-year revenue grew 10.9% to €4.8bn, with adjusted EBITDA increasing 21.6% to €900m.
While acknowledging the difficulties that faced the content business in 2024, Banijay said it expected the market to rebound in 2025.
“Given the improved financial situation of the global streamers, and the stability of broadcasters, we expect the return of growth in 2025 for the market,” it said.
In fiscal 2025, Banijay Entertainment said it expects “mid-single digit growth” across its combined production, distribution and live business segments.
“Even in a challenging global content production market context, we continued to see strong demand – especially from streaming platforms – for our iconic brands and deep content catalogue as the number one European studio for scripted content and a world leader in global format launches,” said Banijay Group CEO François Riahi.
Banijay Entertainment CEO Marco Bassetti said 2024 saw the company “continue to demonstrate its strength and market-leading position” amid what has been “commonly recognised as a challenging market environment.”
He added that the past 12 months has seen Banijay Entertainment “rise to be the largest European scripted studio – alongside its long-standing position as a leader in non-scripted (250+ launches in ’24) – increasing activities in non-English-language and acting as a key partner for streamers (80 non-scripted and scripted launches in ’24), delivering award-winning, high-ranking shows across the board.”
