Catena Media Sees 2024 Revenue Drop 35% to €49.6M
Catena Media’s 2024 Annual Report shows a rough year. Revenue from continuing operations fell 35% to €49.6 million from €76.7 million in 2023. North America, the big driver at 88% of group revenue, slipped 11% to €11.2 million, though total North American revenue hit €43.9 million.
Financials Take a Hit
Adjusted EBITDA tanked to €5.4 million from €25.4 million, dragging the margin down to 11% from 33%. Losses widened too—pre-tax loss hit €48.6 million, up from €28 million, with after-tax loss at €47.9 million.
Segments felt the pinch. Casino revenue dropped 13% to €35.8 million, with North America down 7% to €32.4 million. Sports took a bigger hit, plunging 61% to €13.9 million, and North America’s sports slice fell 64% to €11.5 million.
New depositing customers (NDCs) shrank to 128,700 from 184,257. Casino held steady at 76,730, but sports NDCs crashed to 51,970 from 107,364. A €40 million asset write-down tied to sports and casino shifts didn’t help the books.
What’s behind it? Fewer market launches, a Google search policy shakeup, and lower operator CPA rates squeezed results. North America’s still key, but 2024’s numbers show a company scrambling to steady the ship after a steep slide.
Strategic Shifts and Cost Cuts
Catena didn’t just sit still. It rolled out a product-focused overhaul, zeroing in on core brands like Bonus.com, which stretched into Mexico and Brazil with Spanish and Portuguese versions. A soft launch of Mrktplays, a sub-affiliate platform, aims to diversify revenue and link operators with affiliates.
In North America, it kicked off sports betting affiliations in North Carolina and Vermont, chasing fresh turf. New leadership: Manuel Stan as CEO, Pierre Cadena as COO, plus new CFO and CTO hires, set the tone.
The firm tackled costs head-on. A 2.2 million euro savings plan trimmed content and marketing teams, while axing some media partnerships countered Google’s organic search hit.
A scrapped AI joint venture recouped some cash, and a focus on in-house content aimed to keep things lean. Three new strategic pillars: People, Product, Profit, plus OKRs across the board, guide the reset. “We’re building for the long haul,” Stan said in the report.
North America’s 88% revenue share held, but challenges piled up. Competition spiked, and operator spending dipped. Still, a deal with Daily Racing Form for horse racing content signals a push for steady, niche wins.
Looking Ahead Amid Change
The year wasn’t all numbers—Catena reshaped itself. Board swaps brought in Martin Zetterlund and Stephen Taylor-Matthews, while Øystein Engebretsen and Theodore Bergqvist stepped out.
Sustainability got a nod with a CSRD double materiality review, and an auditor tender’s set for 2025. Bonus.com’s U.S. Spanish launch tapped 35 million speakers, hinting at growth potential despite the slump.
Results stung—€49.6 million in revenue, a €47.9 million loss, and sports down 61%. Michigan, Pennsylvania, and New Jersey stayed top U.S. markets, per the report, but 2024’s hurdles, like Google’s May update, hit hard.
With U.S. sports betting in 30+ states and iGaming in eight, per AGA stats, there’s room to rebound. Catena’s betting on its product pivot and cost cuts to turn the tide in 2025.
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