Red Arrow Studios, the production group owned by German broadcaster ProSiebenSat.1, hit 46 million euros ($ 55 million) in revenue in 2020 after the coronavirus pandemic halted production globally whole.
Kinetic Content, owned by Red Arrow, has landed great Netflix success in the form of Love is blind, but it was ultimately a volatile year for the production empire in the midst of Covid-19.
ProSiebenSat.1 has put aside plans to sell the company due to the pandemic, while producer CEO James Baker was among a number of senior executive departures. Red Arrow is now overseen by a ProSieben advisory board.
According to ProSieben’s annual results, Red Arrow’s total revenue fell 6%, from € 730 million in 2019 to € 684 million last year. Adjusted EBITDA fell 12.6% to € 42m. Revenue picked up in the fourth quarter of last year, when sales reached € 235m, compared to € 222m in 2019.
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ProSieben said, “The effects of the COVID-19 pandemic also had a big impact here in the second quarter in particular, with the production business of international programs being particularly affected. After program productions in the United States in particular had to be largely halted or postponed until mid-March, restrictions continued throughout the year.
“The restrictions on public life having been relaxed, production activity recovered slightly in the third quarter and exceeded the level of the previous year in the fourth quarter due to catch-up effects. The performance of program distribution, our global sales business, was also clearly positive throughout the year. However, this has not been able to compensate for the decline in production activity in the first nine months of 2020. ”
More broadly, ProSieben’s 2020 results were in line with the unaudited results published in January. Group sales amounted to 4.05 billion euros and EBITDA to 706 million euros. This compared to 4.1 billion euros and 872 million euros in 2019.