RTL Group has reported drops in both revenue and operating profits in the first half of 2020 as the company was hard hit by Covid-19-driven declines in advertising.
Group revenue at RTL fell 16.4 per cent to €2.652 billion in the first half, with second quarter revenue dropping 28.3 per cent to €1.186 billion. The group reported operating profits of €241 million for the the six months to the end of June, a 55.2 per cent drop on the same period last year. Net profit, at €156 million dropped by 64.8 per cent compared to this time last year.
The company blamed the results on the impact of the coronavirus pandemic.
However, one bright note for RTL was its streaming services.
At the end of June 2020, its two streaming services TV Now and Videoland had 1.77 million subscribers, a 45.2 per cent year on year increase.
Salto, the joint subscription streaming service run by RTL’s M6, Groupe TF1 and France Télévisions, is still aiming for an autumn 2020 launch.