Anders Jensen has stepped down as CEO of Scandinavian media group Viaplay after a poor quarter in which advertising sales fell and subscriber numbers dropped.
Jensen, who is credited with Viaplay’s aggressive move to original production and a focus on streaming as the Scandinavian company, is leaving after five years as CEO and will be replaced by Jorgen Madsen Lindemann, the ex-CEO of Viaplay’s former parent company MTG.
Viaplay announced Jensen’s resignation early Monday morning after it released second-quarter results that showed the company posted an operating (EBIT) loss of between $23.1 million and $27.7 million (200 million – 300 million dollars). million Swedish kronor) on an expected turnover of between 4.5 billion – 4.6 billion. billion Swedish kronor ($415 million – $420 million).
It was bad news all around. Ad sales were down double-digits, with ad revenue expected to drop between 12 and 16 percent on an organic basis, due to the “sharp and rapid deterioration of the TV and radio advertising markets”, the streaming and pay TV business slumping with “lower demand in the Scandinavian and international streaming D2C subscriber markets and lower wholesale subscriptions by linear distribution partners.” And the cost savings at the company were slow to deliver the expected savings.
The situation is so dire that Viplay has withdrawn its operational and financial targets for 2025 and will issue a new mid-term outlook on July 20.
“Given the current challenges, the company would be best served if I stepped down, which is why I have decided to do so,” Jensen said in a statement. “I wish the company and the team all the best in the future.”
Jensen had bet big on the future of streaming and original programming at Viaplay, aggressively ramping up internal productions — the company just greenlit a new drama series from Snabba Cash author Jens Lapidus – and earning expensive sports rights for his premium services. Jensen also had international ambitions, launching a version of its Scandinavian streaming service in the UK last year and in the US in February.
