Netgem says it’s anticipating a 20% growth in its subscriber base over the next 12 months.
Publishing its financial statements for 2022, the technology-turned-services company said the market’s “rapid evolution” towards Android TV boxes would allow it to “completely withdraw from the sale of access equipment” (or receivers) and the associated working capital requirements.
Netgem reported revenues of €36.3 million and gross profit of €20.1 million.
“Our figures show that netgem.tv meets consumer expectations for integrated family entertainment offers at the right price, and the needs of telecom operators to rely on business experts in the extremely dynamic digital entertainment sector,” said Mathias Hautefort, CEO, Netgem. “Building on these successes, we need to improve our product and expand its distribution even more. The sale of our diversification activities will give us the resources for this and guarantee the focus of the company.”
The company ended 2022 with a base of 508,000 netgem.tv subscribers across 20 different European operators.
The total annual turnover resulting from the TV streaming stands at €29.5 million, of which €14.4 million is annual recurring revenue (ARR).
