In the first half of this year, MBC’s net profit increased by 360% to approximately 237.8 million riyals, compared to a net profit of about 51.7 million riyals in the first half of 2023.
The group’s revenues grew in the first half of 2024 by 10%, primarily driven by the strong performance of the broadcasting services sector and other commercial activities, as well as the ‘Shahid’ platform. It saw revenue growth of 20.4% and 40.8% year-over-year, respectively, in the first half of 2024.
The revenues of the ad-supported video-on-demand platform “Shahid” more than doubled in the first half of 2024 year-over-year, reaching 116 million riyals ($31 million). Meanwhile, the total number of subscribers increased by 36% year-over-year, reaching 4.61 million users as of June 30, 2024.
Shahid Platform
On his part, the CEO of MBC Group, Sam Barnett, said that by continuing to invest in high-quality content and leading platforms, the group has been able to attract and retain a large audience across its various markets. The performance of the “Shahid” platform has been promising, especially during the Ramadan season. Moreover, it saw a significant increase in the number of platform subscribers and a rise in advertising revenues. “Shahid” recorded a 40.8% increase in revenues in the first half of the year.
He added that as we continue to develop our business, traditional broadcasting activities and our regional partnerships remain a cornerstone of our success, as evidenced by the significant 20% increase in revenue compared to the same period last year. For the remainder of the year, we will focus on enhancing audience engagement and creating value for all stakeholders.
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