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Affiliate Monitor
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20 21
Company-by-company first-quarter results analysis
Source : company reports
Chart 15 : GiG media services YoY revenues variance (%)
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GAMING INNOVATION GROUP
HIGHER AND HIGHER
Revenues for the media division reached an all-time high of € 10m , up 23 % year-on-year , and the promise was for more to come – after period close media services hit a record month in April .
EBITDA , however , lagged revenues and although the € 4.6m marked an improvement year-onyear and sequentially , it was still down from the highs of the first quarter of 2019 .
FIRST-TIME HIGH future given that the FTDs total hit up 31 % of total media division an all-time high in the first three revenues and 37 % of total FTDs . months of the year , up 56 % yearon-year and a 31.4 % rise on the raises the prosect of paid and
The FTDs share , in particular , previous quarter . publishing reaching parity in the not-too-distant future .
THE PAID PUSH
Helping with the granularity on FTDs , GiG also publishes the FTDs broken down between the publishing ( SEO ) side and the paid media operation . Here we can see that although both are heading in a positive direction , it is paid media that is really motoring .
As already mentioned , this will have implications for the profitability of the business . But the nature of paid ( where GiG is the customer of search engines rather than the exploiter of SEO opportunities ) means it is a business that is somewhat immune from Google However , profits will flow in the Paid media FTDs now make algorithm changes .
Chart 14 : GiG media services revenue progression Q119-Q121 (€ m )
Chart 15 : GiG media services YoY revenues variance (%)
%
%
25
20
15 25
10 20
5 15
0 10
-5 5
-10 0
-15 -5
-20 -10
-15
11
11
Source : company reports -20
-1.1
-1.1
-4.8
-4.8
-13.8
Q119 Q219 Q319 Q419 Q120 -9.9 Q220 Q320 Q420 Q121
-13.8
Chart 16 : GiG media services EBITDA progression Q119-Q121 (€ m )
Q119 Q219 Q319 Q419 Q120 Q220 Q320 Q420 Q121
Chart 16 : GiG media services EBITDA progression Q119-Q121 (€ m )
-9.9
0
0
7.5
7.5
20
20
22
22
|
10 9
8
7
|
9.1 |
8.6 |
8 |
7.5 |
8.2 |
8.6 8.6 |
9 |
10 |
5.0
4.8
|
4.7 |
4.8 |
|
€ m
6 5
4
3
2 1
0
|
Q119 Q219 Q319 Q419 Q120 Q220 Q320 Q420 Q121 |
Source : Company reports |
€ m
4.6
4.4
4.2
4.0
|
4.6 |
4.5 |
4.3 |
4.2 |
|
|
|
4 |
|
|
4 |
|
|
Q119 |
Q219 |
Q319 |
Q419 |
Q120 |
Q220 |
Q320 |
Q420 |
Q121 |
|
Source : company reports
Chart 17 : GiG media services FTDs Q119- Q121
iGB Affiliate Monitor July 2021
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