The ongoing digital migration and the resulting audience fragmentation have led to rating losses at RTL and ProSieben, but with the latter retaining its younger viewers. From a low base global operators are gaining share
Leveraging their high market shares within a benign economic environment means RTL and ProSieben are in a position to withstand the increasing competition. ProSieben has been more active in developing diversification businesses – on which we have mixed feelings
The main extra growth prospects are in the distribution fees charged to TV platforms for HD channels, allowing a progressive shift to a mixed funding model