Media•24 Oct ’23 6:42 PM•Modified on 24 Oct ’23 9:09 PMAuthor: Myrthe Koopman
Streaming service Viaplay is in dire straits. The company is rapidly plummeting on the stock market and has postponed the publication of its quarterly figures at the last minute until the end of November. It now also appears that the streaming service has offered the broadcasting rights for Formula 1, among others, for sale to RTL and Ziggo. But according to sports marketer Chris Woerts, no one wants to pay the top price for that.
In the meantime, Viaplay’s problems are piling up. Since the streaming service gained a foothold in the Netherlands, the stock market value has fallen about twenty times. Woerts calls it a ‘dead end street’, especially because the company is struggling with many heavy burdens. ‘Viaplay has bought the expensive sports rights and invested heavily in studio facilities, but the high costs can no longer be covered by the number of subscribers.’
End of exercise without capital
The streaming service has recently attracted three new shareholders, including a company from the Czech Republic and one from Norway. According to Woerts, those shareholders make certain demands. “Viaplay therefore needs more money and they have to restructure their debts and consult with the bank, they are at a loss,” says Woerts.
“If they sell the sports rights, they will lose a lot of subscribers and no longer have any income.”
Chris Woerts, sports marketer
It appears that Viaplay will not be able to raise additional money in the short term by selling the sports broadcasting rights. The parties to whom the streaming service is trying to sell the rights consider them too expensive. ‘Parties they talk to want to take over the rights for the Premier League and Formula 1, but not for the top price. And if they sell it, they will also lose a lot of subscribers and no longer have any income, so then it will be even more of a downward spiral,” the sports marketer fears.
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According to Woerts, it is more than clear that there is panic at Viaplay. The streaming service is eagerly looking for more money, but due to the plummeted stock market value, the sports marketer believes it is unlikely that they will find it in a bank. ‘Viaplay must reach an agreement with the current shareholders on a capital injection, otherwise the exercise is over.’
The streaming service Viaplay is in dire straits. The company is rapidly plummeting on the stock market and has postponed the publication of its quarterly figures at the last minute until the end of November. (ANP / ANP)
2023-10-24 18:56:15
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