Restructuring for the future
In 2023, Egmont-owned TV 2 Norway experienced a tougher market and weaker framework conditions. Despite this, the company delivered on its social mission and experienced great success with a number of programme concepts.
The TV 2 Group's revenue increased compared with 2022, partly due to good momentum on TV 2 Play, while the result is characterised by the loss of the VAT exemption for TV news media and an increasingly demanding media market.
In 2023, TV 2 saw continued growth on TV 2 Play and TV2.no. This contributed to increased revenues and a total turnover of NOK 7.3 billion, compared to NOK 6.6 billion in 2022. Operating profit, including income from associated companies and operational financial items, totalled NOK 186 million, compared with NOK 79 million in 2022.
Change for the future
“First and foremost, I am proud of everyone who has worked hard at TV 2 over the past year. Together, we have delivered a solid 2023, a year of demanding cost cuts and restructuring. The changes we have made are in line with our strategy, they will ensure TV 2‘s impact and strengthen us for the challenges of the future,” says Olav T. Sandnes, Editor-in-Chief and CEO of TV 2.
As a result of general price increases, a weak Norwegian krone, a tougher advertising market and the loss of the VAT exemption for digital news broadcasts, TV 2 initiated extensive cost-cutting measures in autumn 2023. The media house had to reduce costs by around NOK 400 million with effect from 2024.
Streaming service in growth
Sandnes is particularly pleased with the growth of TV 2 Play. More and more people are using the streaming service, and at the end of 2023, around 1.8 million households in Norway had access to TV 2 Play, either directly or through their TV distributor.
“TV 2 and our people realised early on how important this investment was, and it is now paying off. Our results in 2023 are also proof that quality journalism, sports and entertainment continue to attract viewers all over the country,” says Sandnes, who in 2023 signed the public service broadcasting agreement for a new period.
“With the good viewing figures for new programmes such as “The Game”, Toppserien and Eliteserien just around the corner, and the US presidential election coming up, I can safely say that there is a lot to look forward to on TV 2 also in 2024,” concludes Sandnes.
The TV 2 Group comprises TV 2 Gruppen AS, TV 2 AS, Vimond Media Solutions AS, RiksTV AS, Aventia Media AS, Screen Story AS, TV 2 Invest AS, Broom.no AS, TV 2 Skole AS, Wolftech Broadcast Solutions AS and Electric Friends AS.
The Group had an average of 1,231 full-time equivalents through 2023.