The streaming platform, known for broadcasts of Formula 1 races, now wants to focus only on Scandinavian countries and the Netherlands. This means Viaplay leaves the UK, US, Canada, Poland and the Baltic States. The company will continue with Viaplay Select, through which partner companies release series and films abroad.
With this, newly appointed CEO Jørgen Madsen Lindemann is dramatically changing the course of the company, which was founded in 2018. Under his predecessor, Viaplay invested heavily to expand into new markets.
Lindemann is concerned about all the future costs of many programs. Revenue is growing, but not fast enough to make all future payments. This is why the company must also discuss with its lenders the terms of a number of loans, the CEO explains in an explanation of the quarterly figures.
It was previously reported that Viaplay has laid off employees in the Netherlands, although it is unclear exactly how many. The company has approximately 1,500 employees worldwide.
In the second quarter, Viaplay suffered a loss of 75.2 million Swedish crowns (6.5 million euros). In addition to a decline in ad revenue, the company is also battling rising costs, including sports streaming rates that rise in line with inflation. Viaplay has about 7 million subscribers and plans to increase that number slightly this year.
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