Sweden’s NENT reports rise in streaming subscribers, income


FILE PHOTO: Nordic Entertainment Group (NENT) sign is seen at their headquarters in Stockholm, Sweden October 1, 2018. REUTERS/Olof Swahnberg

July 22, 2021

STOCKHOLM (Reuters) – NENT, the Swedish company challenging streaming giants like Netflix in the Nordics, reported a rise in subscribers and quarterly operating income as it expands beyond Scandinavia.

Its Viaplay streaming service added 140,000 subscribers in the quarter, including 27,000 in countries outside the Nordics where it started offering its services in March.

Total subscribers rose 21% to 3.29 million.

NENT raised its full-year international Viaplay subscriber target to 500,000 from more than 250,000, and expects to add at least 400,000 new paying subscribers in the Nordics.

Viaplay’s international markets include Estonia, Latvia and Lithuania, and the company plans to launch in Poland next month and in the United States later this year.

Adjusted operating income rose to 244 million Swedish crowns ($28.08 million) from 156 million a year earlier.

Sales rose 31% to 3.07 billion crowns, but fell short of mean the 3.11 billion expected by analysts, Refinitiv Eikon estimates showed.

($1 = 8.6902 Swedish crowns)

(Reporting by Supantha Mukherjee in Stockholm, editing by Helena Soderpalm and Jason Neely)

Source link