MBC Group FY 2024 Streaming Results Are In
Shahid hits 5M SVOD subscribers and 18.6M AVOD Active Monthly Users. So what?
Hey streamers 👋
Big update from the MENA media world!
MBC Group recently shared its full-year results for 2024, just days before announcing a major leadership change:
Sam Barnett will step down as CEO of MBC Group on April 30, and take over as CEO of PPF's TV Group CME.
Taking over the role is Mike Sneesby, former CEO of Nine (Australia’s largest locally owned media company) and founder of Stan, one of the country’s top streaming platforms.
Like every quarter, I have reviewed the numbers for Shahid, MBC’s streaming platform, and more importantly, what they tell us about where they are heading next 👇
Today’s program
MBC Group & Shahid: Quick overview
Key highlights from FY 2024 earnings
What’s behind the numbers?
And… Action!
MBC Group & Shahid: Quick overview
Before we look at the latest numbers, here’s a quick reminder about MBC Group.
MBC is the top entertainment company for Arabic-speaking audiences. Every week, more than 150 million people watch something on MBC ecosystem. The group reaches around 90% of households in the MENA region.
They run the first SVOD streaming service and the 1st AVOD service in Saudi Arabia and in the MENA region.
And they have been doing this for a long time. MBC has been creating Arabic shows and content for over 30 years.
Here is a quick look at their streaming journey:
2008: Launched Shahid, one of the first streaming platforms in MENA
2020: Relaunched Shahid VIP with a stronger offer
2023: Added FAST channels to the AVOD platform
2024: As of September, Shahid is #1 in MENA for both SVOD (27% market share) and AVOD (46% market share)
The region still has huge room to grow. Only 10% of households in MENA pay for a streaming service. In the U.S., it’s over 80%.
Now let’s take a look at the financial highlights, and as always, I’ll focus on Shahid’s numbers: subscribers, monthly users, and revenue/losses.
Key highlights from FY 2024 earnings
Let’s start with a first chart showing how Shahid’s SVOD subscribers and AVOD active monthly users have evolved over time 👇