Better Collective (STO: BETCO), the global digital media company behind brands like SportHandle, Action Network, Playmaker HQ, and Betarades, released its Q3 financial report. This included a 26% increase in group revenue of €75 million (approximately $81.5 million). The report also revealed an EBITDA of €20 million (approximately $21.7 million), an increase of 35% from €15 million (approximately $16.3 million) in Q2.
The company reported cash flow before special items of €14 million (approximately $15.2 million), and its capital reserves stood at the end of Q3 at €123 million (approximately $133.6 million). New depositing customers, a key growth metric, numbered over 445,000, an increase of 27%.
Paid media also increased by 46.7% to €27 million (approximately $29.4 million), which the company indicated was due to transitions in revenue-sharing agreements. It also reported that while its North American revenues increased by 24.3% to €22.5 million, revenue from Europe and the rest of the world increased by 27.2% to €52.9 million.
Founded in 2004 by Jesper Sørgaard, who remains the company’s CEO, Better Collective has its headquarters in Copenhagen and is listed on the Stockholm Stock Exchange. Søgaard said upon releasing the results, “In Q3, we saw continued strong performance across the group working towards sustainable future growth for Better Collective.”
Better Collective recently announced the purchase of Playmaker HQ, the content and social media company, for approximately $188 million in early November. The purchase of Playmaker, according to the report, “expanded [Better Collective’s] competitiveness within social media and sports content production.”
The purchase, due to be completed in Q1 2024, will be the second-largest financial venture from the company after its 2022 purchase of Action Network. The acquisition enabled it to penetrate the South American market. Playmaker, which will become a wholly-owned subsidiary of Better Collective once the deal is completed, operates one of the largest sports media brands on the continent, FutbolSites.
Sørgaard said purchasing the company will “further accelerate our journey towards becoming the leading digital sports media group. I am pleased to see that the entire team at Better Collective continues to execute strongly on our strategy.”
