iGB Affiliate Monitor November 2022 | Page 21

Chart 22 : XLMedia adjusted EBITDA H120- to the rising revenues is rising or publishing .
H122 ($ m )
What ’ s your view ? Tweet @ iGamingBusiness igamingbusiness . com

21

Chart 18 : GiG Media division revenues by source Q220-Q222 (€ m )
€ m
11 10
9 8 7
6 5
4 3 2
1 0
2.1
6.5
2.3
6.3
comes from organic growth only . revenues and FTDs by revenue Of course , the obvious corollary source , whether from paid media
Chart 22 : XLMedia adjusted EBITDA H120- to the rising revenues is rising or publishing .
NDCs – or FTDs as GiG prefers to call its affiliate traffic – and as shown 11 in Chart 17 , the two metrics have 10 pretty much risen in lockstep .
2.6
6.4
Q220 Q320 Q420 Q121 Q221 Q321 Q421 Q122 Q222
Chart 19 : GiG Media division NDCs by source Q220-Q222 ( 000s )
000s
55 50 45 40 35 30 25 20 15 10 5 0
7.9 26.4
8.5 22
9.2
Handily , for sources like Affiliate Monitor , which wish to
3.1
delve deeper into the result , GiG also provides a breakdown of its
6.9
3.2
Q220 Q320 Q420 Q121 Q221 Q321 Q421 Q122 Q222
Source : Company reports Source : company reports
H122 ($ m )
$ m
12
9 8 7 6 5
5
24.1
16.1 27.7
Paid
22.6
7.8
24.2
Publishing
2.9
19.9
8.3
26.8
3.6
31.6
9.2
29
Here we can see that , in contrast to many of its affiliate peer group , GiG is doing much better with paid than it is in publishing . Indeed , although we don ’ t have any insight into any unlisted affiliates working
6.6 in the paid arena , it is a fair guess
4.4
42.5
9.7
27.3
10.6
that GiG is outperforming anyone
5
53.7
9.8
25.7 else there , certainly among the listed sector .
This shows up in revenue terms where in Chart 18 we see that paid media is now worth more than double the amount of revenue that it generated in the second quarter 2020 .
Indeed , GiG ’ s paid media efforts in Q2 saw revenues rise 40 % YoY versus 20 % for the publishing side . While publishing remains the larger revenue source , there are signs that this might not be the case in the long term . This idea comes from what we can see in the breakdown of FTDs by source .
WHAT ARE GIG MEDIA ’ S PAID FTDS TELLING US ?
As can be seen from Chart 19 , something of a switch has occurred in the past year when it comes to where GiG Media ’ s FTDs originate from .
It is clear that from the third quarter of last year onwards , GiG Media hit a rich seam of paid media FTDs – or more to the point , given the proactive nature of paid media , it put its foot on the pedal when it saw the success it was reaping with its paid efforts . In its quarterly report , GiG said that paid had benefited from several new acquisition channels and campaign types , including Spotify ads and app campaigns .
Now , the question arises of what happens next . The downside for paid media is that it is a more expensive proposition than SEO .
4 3 2
November 2022
1 0