Egmont increased its operating profit by 21% to EUR 102m, expanded its strong market positions and now has more than 5 million subscribers across the group’s media platforms.
Media group Egmont recorded revenue of EUR 2.3bn and operating profit (EBIT) of EUR 102m in 2024. EBIT increased by EUR 18m, or 21%, with good results in all of Egmont’s business areas.
There were three main reasons for this earnings growth:
First, Egmont continued to build subscription and licensing businesses around its media platforms and increased the number of direct customer relationships for services such as streaming of digital books, educational licences, computer games and streaming service TV 2 Play, which can be watched by 1.85 million Norwegian households. The group now has more than 5 million subscribers across its business areas.
Second, 2024 was a strong year in terms of productions, with for instance a record-high number of TV programmes attracting more than 1 million viewers, an Oscar nomination and the publication of numerous agenda-setting books and high-quality magazines.
Third, Egmont increased operational efficiency in its businesses to counter rising costs in an ever more digital and global market. Digital scalability is a key driver in many of Egmont’s business areas.
“2024 was a good year for Egmont with solid operating profit of EUR 102m,” says Egmont’s President and CEO, Steffen Kragh. “We’re delighted to see our media – including streaming media and computer games as well as magazines, books and cinemas – succeeding in the market and being so important to users. We’re constantly increasing the number of direct customer relationships and focusing on building leading, digitally scalable positions. Our businesses have also continued to excel at optimisation.I’d like to thank all of my colleagues for their hard work.”
Revenue in 2024 was down on the record year of 2023. This was due to currency effects, a decline in the magazine market, and Nordisk Film reporting extraordinary sales of games consoles and record revenue in 2023.
Egmont signed up to the Science Based Targets initiative during the year, has invested in solar plants in Denmark and Sweden, and uses 100% renewable electricity.
Egmont is an enterprise foundation with a dual purpose. Profits are used partly to invest in the media business and partly to help children and young people at risk. Egmont had charitable activities of EUR 15m in 2024.