LBG Media, the parent company of LADbible, has witnessed an impressive growth of 55% in the first half of 2024. This surge in growth is largely driven by England’s strong performance at the UEFA Euro tournament, as well as the strategic acquisition of Betches Media. The company’s ability to capitalise on major sporting events and strategic acquisitions has played a crucial role in this success.
Working with well-known brands like Uber Eats, LBG Media effectively navigated the challenges of a declining advertising market. The engagement during the Euros helped the company to expand its global audience significantly. From 410 million in 2023, the audience grew to 493 million in the same period of 2024, demonstrating the company’s capability to attract and retain a diverse audience.
Strong Performance at the Euros
LBG Media, the company behind the popular entertainment channel LADbible, reported a remarkable 55% growth in the first half of 2024. A significant part of this success is attributed to the strong performance of England at the UEFA Euro tournament. Working with prominent brands like Uber Eats, LBG Media capitalised on the event to offset weaker advertising revenue. This strategic move helped the company increase its global audience by a substantial margin.
The audience for LBG Media grew from 410 million in the first half of 2023 to 493 million in the same period of 2024. This growth exemplifies the company’s ability to leverage major sporting events to engage a diverse and extensive audience. Such partnerships have proven crucial in balancing revenue streams and expanding their reach globally.
Acquisition of Betches Media
LBG Media’s growth did not solely rely on sporting events; the acquisition of Betches Media also played a pivotal role. The acquisition contributed significantly to LBG Media’s 55% revenue growth, with organic revenue increasing by 29% in the first half of 2024. Including Betches Media, the total revenue reached £42.3 million.
The acquisition strategy was not just a short-term boost. It aligns with LBG Media’s long-term vision to diversify its revenue model and reduce dependency on traditional advertising. This forward-thinking approach positions the company for sustained growth and financial stability.
Operational Improvements in ANZ Region
Apart from acquisitions and event partnerships, LBG Media also focused on improving its operational model in Australia and New Zealand (ANZ). These improvements have delivered planned benefits and contributed to the overall growth in revenue and profitability.
Expanding partnerships within the Asia-Pacific (APAC) region is another priority for LBG Media. The company aims to leverage early customer wins to establish a more robust foothold in these emerging markets. This regional expansion is expected to contribute further to the company’s revenue and audience growth.
Changing Financial Year-End
In a strategic move, LBG Media announced plans to change its financial year-end from 31 December to 30 September. This change is part of the company’s efforts to align its financial reporting with its operational cycle.
This adjustment will allow LBG Media to present a clearer picture of its financial performance, aiding investors and stakeholders in better understanding the company’s progress. The change is expected to improve the accuracy and relevance of financial reporting.
By aligning financial reporting with operational activities, LBG Media ensures that its reported earnings and performance metrics are more reflective of its actual business operations. This move demonstrates the company’s commitment to transparency and effective communication with its stakeholders.
Leadership and Vision
Chief Executive Solly Solomou expressed his excitement about the company’s growth and future prospects. He highlighted the diverse revenue model and the operational changes in the ANZ region as key factors in the company’s recent success.
Further, Solomou emphasised the integration of US commercial teams to create a ‘one stop shop’ for brands aiming to reach a diverse young adult audience. This integration is part of LBG Media’s strategy to present a unified, streamlined offering to potential advertisers and partners.
Future Opportunities and Strategic Direction
LBG Media is well-positioned for continued success, thanks to its strategic acquisitions, regional operational improvements, and innovative revenue models. The company aims to reach a revenue target of £200 million, leveraging its diverse portfolio and expansive audience base.
Solomou’s optimism about future opportunities is rooted in the company’s robust performance and strategic initiatives. He remarked, “I am extremely excited by the opportunities ahead as our diverse revenue model and strong momentum position us well for continued success.” This forward-looking vision is central to LBG Media’s ongoing strategy to capitalise on emerging opportunities and maintain its growth trajectory.
Summary of Financial Figures
To summarise, LBG Media achieved a 55% growth in revenue in the first half of 2024, reaching £42.3 million. Direct revenue increased by 92%, and EBITDA rose by 240% to £10.2 million.
In summary, LBG Media’s outstanding growth of 55% in the first half of 2024 underscores the company’s strategic acumen and adaptability. Their success is largely driven by leveraging major events such as the UEFA Euro tournament and strategic acquisitions like Betches Media.
Operational improvements in regions like ANZ and the planned change in financial year-end further highlight LBG Media’s commitment to sustained progress. As the company sets its sights on a £200 million revenue target, its diverse revenue model and strategic initiatives pave the way for continued success.