TV4 Group-owned C More is launching its subscription video-on-demand service in Finland as part of an expansion of a service that laid claim to be the fastest growing SVOD offering in Sweden last year.
The cost of investing in its subscription video-on-demand service led to a higher than expected loss for C More last year, but parent company TV4 nevertheless posted a significant uplift in its overall operating profit for the full year.
C More turned in an operating loss of SEK307 million (€32.4 million) thanks to significant investment in content, technology and organisation, and slightly slower than expected growth, according to TV4.
TV4 said that investments had included significant expenditure on sports rights, including SHL hockey, to drive take-up of C More’s overall offering.
The content investment also included original drama, with four series premiering exclusively on the platform, including Saknad, Farang and Modus 2.
Despite growth being slower than expected, TV4 said C More was the fastest growing SVOD service in Sweden for the second year running, with customer numbers up 90% and revenue up in both Sweden and Denmark by about 50%.
C More is now launching its SVOD service in Finland, where TV4 owns leading channel MTV, having invested in key rights at the end of 2016.
TV4 Group itself posted an operating profit of SEK734 million for the year, up from SEK662 million in 2015, driven by a strong advertising market and investment in digital services including TV4 Play, which counted 2.2 million users across the year. Net sales were up 1.9% to SEK4.314 billion.
TV4’s parent group Bonnier Broadcasting turned in revenues of SEK7.397 billion and an operating profit of SEK373 million for the year.