The Swedish streaming platform Viaplay sees its CEO Anders Jensen leave immediately. Jensen tendered his resignation after disappointing results from the platform, which broadcasts Max Verstappen’s Formula 1 races and football matches from the English Premier League, among other things. He will be succeeded by Jorgen Madsen Lindemann, former CEO of MTG. That is the former parent company of Viaplay. Jensen has been at the helm since the establishment of Viaplay as an independent company in 2018.
Viaplay Group lowered its expectations for this year due to an accelerated deterioration in market conditions. According to the group, the realization of the cost-saving program is also taking longer than expected. The company also withdrew its long-term operational and financial targets. An update on the outlook is expected to be provided with the publication of the second quarter results on July 20.
Among other things, Viaplay expects advertising revenue to fall between 12 percent and 16 percent in the second quarter due to the strong and rapid deterioration of the TV and radio advertising markets, especially in the Scandinavian countries. The rising cost of living is resulting in lower sales of streaming subscriptions to consumers and businesses.
“The outlook for the markets in which we operate has changed significantly and at a very rapid pace, and the implementation of cost-cutting programs has not adequately mitigated the effects of these circumstances. The impact of the macroeconomic headwind on the business requires us to execute our strategy differently,” stated chairman Pernille Erenbjerg.
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