Q4 2022 interim report January-December

Q4 2022 interim report January-December

Accelerating growth with 83% to 7.3m Viaplay subscribers

Fourth quarter highlights

>        Viaplay paying subscribers up 83% YoY to 7,318k (4,005) with 890k subscribers added QoQ

>        Viaplay revenues growing 73% to represent 48% share of total revenues

>        24% organic sales growth with reported sales of SEK 4,670m (3,553) 

>        Operating income before associated company income (ACI) and items affecting comparability (IAC) of SEK -284m (121), including SEK -420m (-219) impact of Viaplay International expansion

>        Total reported operating income of SEK -294m (69) including ACI of SEK 76m (-51) and IAC of SEK -86m (0)

>        IAC related to reorganisation costs, acquisition of Premier Sports UK, and content write-downs with remaining costs of SEK 45m to be included in Q1 2023 results 1)

>        Net income from total operations of SEK -250m (32) and EPS of SEK -3.19 (0.41)

>        Board of Directors will propose to Annual General Meeting that no annual cash dividend be paid for 2022, and that 2022 profits be carried forward into 2023 for investment into the ongoing international expansion  

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President & CEO’s comments

We ended the year in excellent shape and on track towards our five-year strategic goals. We have delivered in line with our updated guidance for 2022, growing our Viaplay subscriber base to over 7.3 million, and our total sales to SEK 15.7 billion for the year. Despite fierce competition, we continue to grow or maintain our subscriber market shares in all markets. Viaplay is now available in 11 markets, and we will shortly launch direct-to-consumer in the US and Canada. Our content is also available in 20 other markets through our curated Viaplay Select offering. We have achieved these goals in challenging market conditions, and again demonstrated the resilience and sustainability of our products, our people and our business. We have a stronger content line-up than ever before and have invested further in our technology platform to deliver even better customer experiences. We have also extended our distribution partnerships to ensure that Viaplay is as widely available as possible. We are well prepared for what lies ahead and to make further progress towards our goals.


Our 20% group organic sales growth and 10% Nordic organic sales growth for the full year were in line with the updated guidance that we provided in November. The primary growth driver was Viaplay (48% of group sales), with organic revenues up 73% YoY in Q4 and up 52% for the full year. 


The 83% YoY growth in the Viaplay subscriber base in Q4 was driven by both our Nordic and international markets, which reached their combined year-end target and added 890k subscribers in the quarter. The previously discontinued partnership in Sweden was renewed on improved terms, and we now have partnerships with the largest pay-TV operators in almost all our markets. These win/win strategic partnerships continue to be cornerstones of our growth. Churn levels increased moderately in Q4 due to the suspension of football leagues during the World Cup, and then returned to lower levels as the subscribers returned.


Our Viaplay Nordic revenues were up 33% YoY on an organic basis, while our Viaplay international revenues accounted for 28% of total Viaplay revenues, compared to 4% in Q4 2021. We have already adjusted our price points upwards in the Nordic markets to reflect our even stronger content offering and rising inflation. We premiered a total of 126 scripted and non-scripted Viaplay originals in 2022 and will premiere more than 130 in 2023. And we will add Formula One coverage in Poland from the start of the new season in March. 


We launched Viaplay in the UK during Q4, thirty-five years after we started broadcasting our channels into the Nordics from London. Our streaming service and channels are now available direct to consumer and through pay-tv partners, with a combination of live sports and Nordic drama. We will add locally produced Viaplay originals, and more third-party content to the platform as we establish ourselves in one of the world’s largest and most content hungry markets.


Our Linear subscription and other revenues (29% of group sales) were up 7% YoY on an organic basis. This reflected the new distribution deals and rising prices, which will continue to drive growth in 2023.


Our advertising revenues (23% of group sales) were down 9% YoY on an organic basis. This reflected the decline in each of the Scandinavian advertising markets, and the football world cup coverage on competing platforms. We expect this trend of lower advertising spend to continue for at least the first half of 2023. Advertising prices are being raised again in the annual negotiations, in order to offset lower linear viewing levels and reflect the broader inflationary environment.  


Our Q4 Nordic profits were in line with the updated guidance that we provided in November. The YoY decline in Q4 profits reflected the weaker advertising markets, higher sports rights costs yet to be offset by higher prices, and the temporary discontinuation of a distribution agreement in Sweden. Timing of price increases and the phasing of content costs are expected to result in lower margins for the first half of 2023, and then higher margins and a YoY increase in full year Nordic profits. As previously announced, we are implementing cost savings and avoidance programmes to offset the currency exchange and economic headwinds that we currently anticipate. These measures are in line with our actions in previous downturns. 


The combined losses for our international operations are broadly in line with the guidance provided in November, and still lower than anticipated at the beginning of 2022. This reflected continued content investments and the ongoing expansion. The high levels of international subscriber and revenue growth are expected to result in significantly lower losses in 2023, and a combined international profit in 2024. 


The IAC reflect our previously announced reorganisation and cost savings programme, which are focusing our resources on the areas that will drive most value moving forward. The latest dividend payment from our Allente joint venture added to our financial position, and we remain fully funded for our expansion journey. We have clear line of sight to our 2025 objectives and full visibility over our largely fixed cost base.  


Our new organisational structure is now in place and will bring us even closer to our local customers and partners, while preserving the scale benefits of the investments that we are making into our platform and our content. Operational excellence and sustainable growth are central to our success and, while we find ourselves in uncertain times, I remain confident in our proven ability to adapt and to deliver on our considerable potential and ambitious plans.


Anders Jensen

President & CEO

Shareholder information

Financial calendar 2023

Annual Financial & Sustainability report       
Publication of Q1 interim report
Annual General Meeting
Publication of Q2 interim report
Publication of Q3 interim report
Week commencing 3 April
25 April 2023
16 May 2023
20 July 2023
24 October 2023



Conference call and video webcast and CEO video message

A conference call and video webcast will take place today at 09.00 Stockholm local time, 08.00 London local time and 03.00 New York local time.

The video webcast will be streamed at https://edge.media-server.com/mmc/p/9mvjcf8e

Please register for the conference call at https://register.vevent.com/register/BI235d8c3016334d4f886f78a7b81d0055

Click here for the full report and the CEO video




press@viaplaygroup.com (or +46 73 699 17 00)
investors@viaplaygroup.com (or +44 7768 440 414)


Viaplay Group AB (publ) is the international entertainment provider. Our Viaplay streaming service is available direct-to-consumer in every Nordic and Baltic country, Poland, the Netherlands and the UK, and we are expanding rapidly by launching in the US and Canada in 2023. Every day, millions of customers enjoy our unique entertainment offering, including acclaimed Viaplay Series, Films and more, and an unrivalled line-up of premium live sports. In addition, our innovative Viaplay Select branded content concept makes Viaplay’s compelling storytelling available to partners around the world. From streaming to TV channels, radio stations and production companies, our purpose is to tell stories, touch lives and expand worlds. Viaplay Group is listed on Nasdaq Stockholm (`VPLAY B’) This information is information that Viaplay Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Swedish Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 07:30 CET on 14 February 2023.


This interim report contains statements concerning, among other things, Viaplay Group’s financial condition and results of operations that are forward-looking in nature. Such statements are not historical facts but, rather, represent Viaplay Group’s future expectations. Viaplay Group believes that the expectations reflected in these forward-looking statements are based on reasonable assumptions; however, forward-looking statements involve inherent risks and uncertainties, and a number of important factors could cause actual results or outcomes to differ materially from those expressed in any forward-looking statements. Such important factors include but may not be limited to Viaplay Group’s market position; growth in the streaming industry; and the effects of competition and other economic, business, competitive and/or regulatory factors affecting the business of Viaplay Group, its group companies and the streaming industry in general. Forward-looking statements apply only as of the date they were made and, other than as required by applicable law, Viaplay Group undertakes no obligation to update any of them in the light of new information or future events.



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