Canal+ grows revenue and subs but hit by currency movements

Vivendi-owned pay TV operator Canal+ recorded strong revenue growth from its international operations in the third quarter, but the gains were largely stripped out by currency movements.

The pay TV outfit saw its Q3 revenues grow by 7.3% year-on-year for the quarter to €1.38 billion, but the increase in constant currency terms was only 0.9%.

For the first nine months of the year, Canal+ grew its revenues by 6.6%, but revenues dropped by 0.8% at constant currency, taking its total to €4.054 billion for the year to date.

The group’s ‘total subscriber portfolio’ reached 20.4 million, up from 19 million last year, including 8.6 million subscriptions in France.

Revenues in mainland France were however down in reported terms, by 1.6%, due to a COVID-19-attributed dip in advertising.

International growth continues to be the engine behind the group’s recovery. Revenues from international grew by 27.4%, or 4.3% at constant currency, with 1.2 million subs being added year-on-year, including those from its M7 acquisition.

Production outfit Studiocanal saw revenues plummet by 19.6% as filming and distribution of movies were hit by the pandemic.

Parent group Vivendi saw revenues rise by 1.3% or 0.7% at constant currency in Q3, taking its total to €4.022 billion. Revenues for the year to date grew by 2.4% but declined by 1.1% at constant currency, taking its total to €11.598 billion.