Home / Entertainment / Egmont sees record revenue of €1.7bn but warns of challenging year ahead amid coronavirus pandemic

Egmont sees record revenue of €1.7bn but warns of challenging year ahead amid coronavirus pandemic

The international media group, Egmont – home of Egmont Publishing and subsidiaries including Norway’s TV 2 and Nordisk Film, has reported a revenue growth of €79 million in its full year 2019 financials, driven by TV, streaming, video gaming, and e-commerce.

The media group hit a revenue record of €1.7bn for the full year, built on its solid foundation of publishing, journalism, and storytelling. Meanwhile the firm is driving increased growth through emerging platforms including video gaming and e-commerce, and marketing services.

Egmont has, however, posted expectations of 2020 to be a ‘challenging year’ due to the Coronavirus pandemic and its crisis across the Nordic countries.

President and CEO, Steffen Kragh stated that looking into 2020 “we are, like the rest of society, very affected by the present COVID-19 crisis and concerned by the well-being of our employees, and that society and we as a company get well through this crisis.”

Three quarters of Egmont’s business is now in film, TV, streaming, computer games, digital media and e-commerce. Increasing the use of technology to optimise the media products and consumer experiences is an important element in the media group’s development.

Egmont’s total business activity, including its share of non-consolidated companies, generated revenue of €2bn.

Egmont Publishing’s magazine titles outperforming the general print market, fuelled by strong growth at the marketing services agencies, numerous bestsellers, and digital growth at Egmont’s book publishers.

At the same time, TV2 Norway increased its stake in TV distributor RiksTV to 50 per cent while its result reflect a strong year with higher viewing shares and marked growth in subscribers to the streaming service TV 2 Sumo. Meanwhile, Nordisk Film saw success with the release of a string of films and video games.

Egmont is a commercial foundation which in 2020 celebrates its centenary. The foundation has a dual purpose: to develop modern media and to support vulnerable children, young people and families. In 2019, Egmont made charitable donations of €13m to vulnerable children and young people in Denmark and Norway and to film talents through the Nordisk Film Foundation. T

he Egmont Report 2019 focused on helping children make a good start at school, and Egmont entered into a new five-year partnership with charity Børns Vilkår during the year to work on school absenteeism. Egmont also supported 12 new projects focusing on dyslexia. Since 1920, Egmont has made total donations of €410m.

About Robert Hutchins

Robert Hutchins is the editor of Licensing.biz and ToyNews. Hutchins has worked his way up from Staff Writer to the position of Editor across the two titles, having spent some six years with both ToyNews and Licensing.biz, and what now seems like a lifetime surrounded by toys. You can contact him by emailing robert.hutchins@bizmedia.co.uk or calling him on 0203 143 8780 You can even follow him on Twitter @RobHutchins3 if ranting is your thing...

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