Catena Media reports 29% drop in North American revenue for Q3
However, the affiliate celebrated several launches throughout LatAm and North America.
Key Points
- Both overall and North American revenue dropped during the quarter
- The company reported decreases in its adjusted EBITDA and adjusted EBITDA margin too
Catena Media has released its financial and business report for Q3. Revenue in its North American sector fell 29% year-over-year and totaled nearly $10.3m.
Overall company revenue during the third quarter fell by 33%; Catena posted $11.5m in total company revenue during the quarter.
For Q3, Catena’s adjusted EBITDA margin reached 13%. Its adjusted EBITDA during the quarter fell by 58% and totaled $1.4m.
CEO Manuel Stan described the quarter as “challenging” but noted the company’s recent successful product launches throughout North American and LatAm.
He commented, “From a top-line perspective, Q3 was a challenging quarter in which we saw revenue decline by 33 percent, driven by continued underperformance in online sports betting. Lower revenue also reflected the ending of certain media partnerships and changes made to other partner agreements.
“A highlight for the quarter was the evolution of Bonus.com, one of our top-performing casino products, into a global asset. The Spanish-language version, bonus.com/es, launched in North America in Q2, started to rank well, and we launched bonus.com/mx in Mexico at the end of Q3.
“In November, we also launched https://www.bonus.com/br/ in Brazil. These rollouts illustrate our strategy to maximize the organic growth potential of our most authoritative brands in existing and new markets.”
Catena has expanded its reach through a recent content and commercial media agreement with The Sporting News, a US-based sports publisher brand.
The three-year deal allows Catena Media to extend its footprint within the North American and Latin American casino gaming, and online sports betting markets.
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