Embattled Nordic streaming service Viaplay has continued to ease its financial woes, with losses significantly reduced in the fourth quarter (Q4) of 2024.
The company reported a Q4 operating loss of SEK92 million ($8.6 million), a major reduction from SEK2.7 billion last year when the company was plugging huge financial gaps and moving to a new strategy based around unscripted programs and sports. Q4’s net loss was also significantly down, from SEK 2.86 billion to SEK 230 million.
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The bulk of Viaplay’s financial recovery has come from making cuts, as total net sales in Q4 were down slightly at SEK 4.84 billion, from SEK4.9 billion in 2023. Full-year sales were also down, from SEK18.57 billion in 2023 to SEK18.49 billion this year, but losses fell from a staggering SEK10.28 billion to SEK558 million.
Viaplay posted 5% organic sales growth in its core operations, which now comprise the markets of the Nordics, and the Netherlands, as well as the Viaplay Select premium content service.
The Stockholm-based company said it is targeting “low-to-mid single-digit percentage revenue growth” and positive cash flow across 2025. Net debt at the end of the year stood at SEK829 million.
Amid major financial issues over the last few years, the firm has undergone a major budget tightening in the past 18 months that has seen it divest from all of its markets outside the Nordic region and the Netherlands.
Viaplay president and CEO Mads Jørgen Lindemann said the results reflect a “commitment to enhancing efficiency, maximizing returns on investment, addressing value leakage across all areas, and maintaining strict cost control.”
He added: “We made progress in 2024 and much remains to be done as we continue our efforts to retransform Viaplay Group into a strong and sustainable business to the benefit of all stakeholders.”
Sports will play a large role in the company’s strategy, as it holds premium rights to European soccer’s UEFA Champions League, the English Premier League, the Handball World Cup, and motor racing’s Formula 1.
Lindemann, who was appointed to replace Anders Jensen in 2023 amid the Nordic company’s financial crisis, stated: “We will continue to transform, innovate, and refine our value proposition for subscribers, suppliers, and partners, ensuring that it fully reflects its relevance, impact, and the value it generates.”
“We will maintain strict cost control to ensure that expenses are aligned with revenues and generate the right return. In addition, we will carefully balance risks and opportunities while upholding disciplined liquidity management to strengthen our financial position. There is still work to be done, and we remain fully focused on executing with discipline and determination to create long-term value for all stakeholders.”
Viaplay recently launched hybrid video on demand (HVOD) in the Netherlands and introduced new linear channels in collaboration with local partners to expand access to its premium sports offering.
The media group also expanded the number of subscription tier offerings in the Netherlands and raised prices earlier this month ahead of the new F1 season, with that property constituting its most prominent sports rights in the country.
Through the first nine months of 2024, Viaplay cut its operating loss from SEK7.4 billion to 465 million.
