Ladbible Group has swung to a profit of £7.1m as its audience grew to a record almost half billion (494m) readers, viewers and listeners in the first half of 2024.
LBG Media, which also owns the UniLad, SportBible and Betches brands, published its full HY results to June 30 this morning, which showed profit up 703% on last year’s £1.2 million loss in the same period last year. Revenue grew 29% to £42.3 million.
The company highlighted its growing market share in the US, with 141 million of its audience members coming from the country, including readers and viewers of female-focused digital media group Betches Media, which it bought for $24m (£18.19 million) last year. England’s strong Euros performance also helped draw eyeballs in the UK.
CEO, Solly Solomou commented: “Our strong first-half performance demonstrates excellent progress along our line of sight to £200m of revenue and showcases our team’s success in diversifying income and strengthening our operating model. Key sporting event activations and rising audience numbers confirm our position as the number one digital entertainment brand for young adults, a highly sought-after but challenging demographic for marketers.
“I am more excited than ever by the opportunity that lies ahead, particularly in the US, where we are going from strength to strength and where the complementary nature of our combined businesses is already demonstrating success. Our thoughtful and engaging campaigns, which frequently deploy messages of social responsibility, remain central to our mission.
“In the complex digital media landscape, the detailed understanding we have of our audience and our propensity to be agile in such a dynamic market provide a strong foundation for long-term growth and the delivery of shareholder value.”
