GIG MEDIA Q2 REVIEW
AT A GLANCE
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GIG MEDIA Q2 REVIEW
AT A GLANCE
• Revenue for the media division rose 47 % YoY to € 21.7m in Q2
• Adjusted EBITDA came in at € 10.3m , up 46 %
THE BIG SPLIT
With Jonas Warrer named as the new chief executive for the soonto-cleave-away affiliate business unit of GiG , it will finally be time for the business to shine on its own after years of being a part of a conglomerate .
Not that it hasn ’ t thrived within the current structure . Indeed , when it comes to actual profits , the affiliate business – which GiG called its Media arm – has carried the platform and sportsbook provision divisions , buying CEO Richard Brown valuable time to turn those around .
Brown , who in late September handed the reins temporarily to Warrer until Richard Carter joins in January , spent his last call with the analysts talking about another record quarter for the business .
As can be seen , revenues have nearly doubled for the Media business in the last two years , from € 11.2m in Q1 2021 to € 21.7m this past quarter , and something similar has happened to adjusted EBITDA , up from € 5.1m in Q1 of 2021 to € 10.3m in Q2 this year .
Brown noted the continued growth , saying it was “ tremendous to see that momentum carry through during the summer months ”. He noted that the publishing ( or SEO ) element of the business saw revenues rise 47 % while paid media was up 26 %.
The Americas now generates 22 % of total revenue . As for others it is Brazil which entices currently , but Brown suggested a wider outlook on LatAm developments was also a priority . “ Brazil has historically been a very strong market for us , but we also start to see now in other Latin American countries where we ’ re really pushing on and providing further growth opportunities such as Argentina and Colombia and the like ,” he said .
In the US , Brown said GiG continued to see “ great potential ”. While “ not deriving huge amounts of revenue as of today ,” he said GiG would be “ methodical and precise ” about building a position there . “ We haven ’ t acquired businesses in that jurisdiction ,” he noted . “ So , we ’ re building everything organically , and that comes with a learning process .”
Meanwhile , in the legacy markets of Europe GiG continues to take market share with revenues from that geography up 21 % YoY .
October 2023