LBG Media, the owner of LAD Bible, has reported a substantial increase in profits as its global audience continues to expand, nearing the 500 million mark. This impressive financial performance has resulted in a notable rise in the company’s share value at the beginning of trading on Wednesday.
The London-listed digital entertainment company, which also owns Joyride and 5 Minute Fun, experienced a dramatic turnaround, posting a profit of £7.1 million for the first half of 2024. This marks a significant shift from the £1.2 million loss reported during the same period the previous year, according to City AM.
Organic total revenue for LBG Media saw a 29% increase, reaching £42.3 million compared to £27.2 million in the first half of 2023. Additionally, the adjusted EBITDA surged to £10.2 million, a notable rise from £3 million in the previous period.
LBG Media’s global audience grew by 20% year-on-year, achieving a record 494 million viewers. This growth includes a substantial US audience of 141 million. Following the acquisition of digital producer Betches Media, the company expressed optimism about meeting full-year market expectations, projected at £86 million in revenue and £23.5 million in adjusted EBITDA. The company aims for a future revenue target of £200 million.
Solly Solomou, CEO of LBG Media, attributed these achievements to key sporting event activations and the steady increase in audience numbers. He stated, “Key sporting event activations and rising audience numbers confirm our position as the number one digital entertainment brand for young adults, a highly sought-after but challenging demographic for marketers.” He highlighted the company’s growing market share in the US, emphasizing that LBG Media is “going from strength to strength.”
Solomou further elaborated on the company’s success, stating, “In the complex digital media landscape, the detailed understanding we have of our audience and our propensity to be agile in such a dynamic market provide a strong foundation for long-term growth and the delivery of shareholder value.”
LBG Media’s recent financial performance showcases the company’s robust growth and its ability to adapt and thrive in the dynamic digital media landscape. With a rapidly expanding global and US audience, LBG Media is well-positioned for continued success and long-term shareholder value.