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15 it looks like only keeping , CPA . So , it ’ s going to be a mix still going forward .” helping to support this . He added that the company would be pursuing more media partnership deals such as the arrangement with NJ . com .
Daly remained optimistic about US icasino and the legislative prospects generally . “ While timing of state launches remains uncertain in the near 2023 to 2024 period in North America , we see continued growth across the next few years there ,” he said .
Looking ahead , and again unlike Better Collective , there were more clouds on the horizon for Catena with April revenues having been down 12 % year-onyear , but Daly claimed it might not be representative of the second quarter as a whole . Further out , Catena has set a target for annual US revenue of $ 125m by the end of 2025 .
“ While we are in a slower phase of the North American launch
cycle , we will continue to expand our businesses by increasing traffic via media partnerships , expansions in other forms of performance marketing and a few other initiatives already underway ,” he told the analysts .
Asked about whether Catena was also seeing more love towards more revenue share deals , Daly said the mix remained more skewed towards CPA deals and made the point that in terms of regulation , this might be more sustainable .
“ We have been moving towards revenue share with a number of operators ,” he said . “ However , ourselves and the market in general and our competitors have been forced to reconsider some of that in certain states such as Massachusetts , which did not allow revenue share .
“ And now New York has a measure where they will pull back on allowing revenue share ,
BUYING OR SELLING ?
Messner hinted that the remaining European assets , which are focused on the UK and Italy , could also be on the block . “ There is still an interest in certain European assets of the business ,” he said . But in the US , Latin America and further afield , Catena remains very much a buyer , suggested Daly .
“ There is definitely M & A opportunity in the world today in North America , Latin America , other parts of the world , both in media accretive as well as technological advancements in order to further develop our platforms and our teams ,” he said .
Clearly , Catena Media remains somewhat at a crossroads in terms of strategy . Daly noted that the company was still working with the investment bankers at Carnegie on its options going forward .
“ We continue to look at all the opportunities on the table in what is the best path for us and our investors in terms of the assets we have , the markets we ’ re in and where we ’ re listed ,” he added .
One particular area is Latin America . “ It is a future growth area for us ,” said Daly . “ We are investing in the teams and the products there .”
July 2023