Catena Media posts preliminary results for Q3 2024, streamlines content and marketing teams
The company will be terminating 29 positions, generating a net annual cost saving of approximately $2.38m.
Key Points
- Preliminary figures for Q3 2024 indicate that revenue will be between EUR$10.5-11.0m (US$15.9m) while total adjusted EBITDA is expected to be in the range of $3.2m
- The changes represent management’s strategy to focus more on product development, to address monetisation efforts to a smaller core of flagship products and to diversify revenue streams
Catena Media has released the company’s preliminary financial figures for the third quarter of 2024, as well as announced new efforts to streamline its content and marketing teams. The efforts will include the termination of 29 positions, effective November 1, and are projected to generate a net annual cost saving of $2.38m for Catena Media.
“As part of our drive to embed our new product-led organization, we are optimizing the operational teams to achieve a flatter structure that is more closely aligned with our product goals. Today, our priority is to support all the individuals who are affected by the changes,” Catena Media CEO Manuel Stan said.
The changes were said to represent part of management’s strategy to focus more on product development, to address monetization efforts to a smaller core of flagship products and to diversify revenue streams.
As stated by Catena Media in the announcement, the content team “plays a vital role in Catena Media’s success, and refining its alignment will allow the company to diversify its funnel through investments in marketing, SEO, conversion rate optimization and technology.”
Preliminary figures for Q3 2024 indicate that revenue will be approximately $15.9m while total adjusted EBITDA is expected to be around $3.2m, corresponding to a margin of 20%.
Good to know: Catena Media brought on Stan as the company’s new CEO in March of 2024 following Michael Daly’s resignation in February
“It is important that our balance sheet reflects current realities. In sports betting, we have been operating at a loss for an extended period. We have responded to market challenges by shifting resources away from loss-making products and into those that we believe have the best potential to generate long-term value,” Stan said.
“I believe that this strategy will position us for success in the coming quarters. We are keenly aware that the market is looking for signs of a return to revenue growth. Although the figures reported today do not yet show that improvement, we see positive signals from the changes we have made in recent months such as a leaner cost base and improved search rankings, and we remain on course to achieve our objective.”
The company stated that the implementation of a new product operating model relates to the book value of specific sports betting assets in the third quarter preliminary report.
Catena Media’s sports betting group was noted to be “underperforming” in recent months, but that the new product and impairment charges have affected the book’s estimates. The company announced that final figures for the third quarter of 2024 would be reported on November 7.
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