Hi, good afternoon everyone. Thank you, thank you very much for attending this conference call in which we are presenting the first half of the year 2024. The call will be hosted by Fernando Costi, CFO of Atresmedia, and by myself, David Gomez, Deputy Financial Director and Head of Investor Relations. As usual, we will be summarizing the main highlights of the period, and then we will move on to the Q&A session. So, without further delay, we start with the highlights. So, please, Fernando, the floor is yours.
Thanks, David. Let me start by saying that the first half of 2024 has been remarkable for Atresmedia. All the markets in which Atresmedia operates presented positive figures. TV advertising markets, including both conventional and digital revenues, increased by around 5%-6%, with a similar trend in radio. Atresmedia's audience shares have been very positive. In TV, Atresmedia led the semester, fifth in a row, with a total audience of 27.1%, 1.6 points more than Mediaset España, despite the fact that Atresmedia operates one channel less. Also, leading the prime-time slot in total individuals at 26.6% versus 24.9% of Mediaset España. Antena 3 was the most viewed channel in Spain in the first half of 2024, with an audience rate of 13.0% in total individuals. It also led the Prime Time with a rating of 13.5%.
For its part, laSexta obtained a 6.4% share in total individuals and 7.4% in commercial target, in both cases well ahead from its main competitor, Cuatro. The accumulated audience of our four complementary channels stood at 7.7%. In digital, Atresmedia consolidated its leadership among the national audiovisual players in terms of unique users, with an average of 26.1 million in the first half of 2024, ranking sixth in the top 10 most visited sites. On our video-on-demand platform, Atresplayer, 22 million video hours were consumed by the end of June, 23% more than the same period last year. Additionally, our SVOD offer, Atresplayer Premium, reached near 625,000 subscribers by the end of the semester. Total revenue reached EUR 523 million, which is a 10.6% increase year-on-year. Regarding audiovisual, total net revenues stood at EUR 487.1 million, plus 10.9% up compared with the first half of 2023.
Atresmedia's net advertising revenue in audiovisual content, TV plus digital, plus digital, sorry, was EUR 412.6 million, which represents an increase of 9.5%. A sound growth year-on-year due to our strong audiences, our commercial policy, and our market positioning in AVOD, Connected TV, and other digital activities. The content production and distribution division reached EUR 49 million, plus 17.4%. Based on higher box office takings, a robust increase in SVOD subscribers and a sound increase in sale of contents to third parties. In others' division, revenues grew by 22.7%, up to EUR 26 million, reflecting a dynamic level of activity, especially in events and thanks to the incorporation of new activities to the perimeter, such as Waynabox .
About our radio activities, total net advertising revenue was EUR 41 million, increasing 6.5%, better than the trend of the total radio market that we estimate at a 5% increase for the first half of the year. Total OPEX stood at EUR 421 million, which represents an increase at 9.6%. EBITDA reached EUR 102 million, which represents 15.3% higher than the first half of 2023, which implies a 19.5% EBITDA margin. Net profit reached EUR 69 million, which is 15.5% compared to the first half of 2023. Our net cash position was positive at EUR 64 million by the end of June after the distribution of EUR 54 million as complementary dividend on 2023. Regarding our view for the coming months, these numbers that I have just presented clearly set a positive outlook for the whole of 2024. As mentioned, the first half of the year has clearly been much more positive than initially expected.
Even though geopolitical uncertainties are still a reality, the macroeconomic environment has remained resilient, with GDP and private consumption indicators revised upwards. As a result, the advertising market showed one of the strongest performances in last year. The first quarter of 2024 was especially impressive, with high single-digit growth rates in most of the businesses. The growth pace was lower in the second quarter, but still sounded positive. In terms of advertising trends for the full year, we expect mid-single-digit growth in TV and radio, measured in both cases as the sum of conventional and digital advertising. Prices and volumes are both up in year-on-year basis. In that context, Atresmedia's robust position as market leader will lead to another year outperforming our peers and resulting in an increase in the advertising revenue.
Best-in-class audience rankings and an innovative marketing policy are clearly paying off since, as per the figures released today, our top line in advertising grows much faster than the market. In addition to that, our non-related to advertising activities, content production and distribution, and others are also performing well, contributing to an increase of the total revenue by more than 10% in this first half. Based on this, Atresmedia reiterates its objective to exceed the EUR 1 billion revenue threshold by the end of the year and maintaining operating margins similar to recent years. The company is committed to cost control as well as maintaining and reinforcing the quality and attractiveness of the content offering in the new activities, such as AVOD, SVOD, and the third-party distribution business. Following our diversification strategy, we are focused on increasing income and total consumption rates of our content, whichever the distribution platform.
In conclusion, we keep a positive stance on the coming months and feel confident to achieve the objectives for 2024. From a financial point of view, our net cash position continues to improve, and the new forecasts are EUR 60 million-EUR 80 million by the end of the year. Our dividend policy remains the same, with a payout of 80% and two dividend cash. Final dividend on 2023 paid in June and an interim dividend on 2024 to be informed and approved by the end of the year. We finish here with the highlights of the period, and we are now glad to answer any questions you may have. Thanks.
Many thanks. We move on to the Q&A session, please. If you have any questions, just go ahead.
Thank you. Ladies and gentlemen, we will now begin the Q&A session. If you would like to ask a question, please press star five on the telephone keypad. If you change your mind, please press star five again. Please ensure that your device is unmuted locally before proceeding with your questions. Once again, it's star five if you want to ask the question. And our first question comes from the line of Fernando Cordero from Banco Santander. Please go ahead.
Hello, good afternoon. Thanks for taking my two questions. The first question is related with the working capital performance during the first half, and just willing to understand if there has been any peculiarity or if it is just driven by the fact that during the month of June, we see we can not so intense at market, the positive contribution of the working capital is coming from this market trend. And sorry, TV market trend. And the second question is regarding precisely on what is your views on the beginning of the third quarter of the year.
We have seen a material, let's say, different performance between the second quarter and the first quarter of this year, and just willing to understand also what are your views on the beginning of these third quarters to that seasonality is impacting, but just to understand if the third quarter trends are more similar to the second. Thank you.
Thank you. Okay, Fernando, thank you very much. Let me answer the question regarding working capital for the semester. There is nothing special in this first half. Basically, the market was strong, as you know, in the first half in terms of revenue. So we had a good performance in terms of cashing all the sales. There's always some better performance in the case of the inventories. We were consuming more than we were producing. And there was some just by the business as usual, some payments that were finally moved to the month of July. But in general terms, these are the main drivers of the reason why the working capital was so good in the semester. But nothing special apart from the business operation as usual, okay?
Regarding the second question, first views on this start of the third quarter, start basically just July, because we don't have any visibility in August so far. July is performing well in the case of the radio with an increase of something like mid-single-digit growth. And not so good in the case of the television plus digital because it's just started moving to slightly negative. In general terms, what corresponds to or would say refers to our top line in terms of revenues coming from advertising, both the effect of radio and television and digital, everything which is advertising would be practically flatish. Okay?
Okay. Very clear. Just as a follow-up, more than a follow-up, an additional question. We have seen in recent weeks some comments or some news reports about a potential new channel to be awarded, a new TV channel to be awarded in the Spanish market. Just to understand what we confirm, you have received the same insights and what are your views regarding the potential newcomers on the market?
Yes. As you know, these are only rumors so far, and we are attending the potential rules for the new channel. In any case, we don't think that there is a problem. There are more than 25 channels today, and we are used to compete. We don't think there is a problem of lack of competition. In the moment the government decides to launch this new channel, we will analyze the terms and we will decide if presenting our offer. It's not an important issue for us so far.
Okay. Very clear. Thank you, Fernando.
Thank you, Fernando. Thank you very much. We move to the next question, please.
A next question comes from the line of Alvaro Bernal from Alantra Equities. Please go ahead.
Hello. Thank you for taking my question. Just a follow-up on the last question regarding the channel and more pointing towards increased competition from Mediaset and public channels and the announced new programs during prime time. Just how do you see the competitive landscape in H2? Do you expect more margin deterioration as we have seen this quarter? Thank you.
Well, we don't think so. I mean, we feel confident with our up-flow programming grid. It has been proved to be competitive enough to lead every day of the week at any slot, as has been the case for the last quarters and seasons. So we are not concerned on that point. I mean, we will be, obviously, as a leader of the market, we will be competing for any inch, for any percentage point of audience at any level. So we have the financial strength to do that. We have the solid position that gives us the current audience ratings. So we don't feel concerned or threatened. I mean, at that point, we don't expect any erosion in the current position we have as a leader, both in audience and in market share.
Okay. Thank you. A follow-up as well, just to clarify. You mentioned in July the TV ad market is slightly negative, correct?
Well, we measure at both because you know that we are just measuring not just television from one side or digital from the other because we are selling both together as a hybrid offer. TV plus digital is moving towards flat to slightly negative year-on-year in the month of July. Okay?
Okay. Thank you.
Thank you.
Ladies and gentlemen, as a reminder, please press Star 5 on your telephone keypad if you wish to ask a question. The next question comes from the line of José Antonio Suárez-Lledó from CaixaBank. Please go ahead.
Hi. Good afternoon. Thank you for taking my questions. I have two of them if you permit. First of all, I would like to know if you could provide a little bit more visibility. We know you're trying to diversify in the media for a digital program. You have a real landscape in Fever that could be valued at a relevant valuation. If you could provide more visibility on what are you expecting to do with this stake if we can see some movement this year, this will be the first question. And the second question would be related also in terms of capital allocation. If we could see some share buyback in the year with the strong cash position you're generating, or how should we expect this proceed? You're getting this strong cash position. How should we see the capital employed go forward? Thank you very much.
From Media for Equity and specifically Fever, all news are positive and the company is performing outstandingly. According with the stage of growth and above its business plan, and we don't expect any transaction or any specific deal, but we are very happy with figures from Fever, and we continue supervising this investment in a positive way.
Okay. And regarding the second question, capital allocation, well, as has been the case now, I mean, we are not the cash position we have is very positive, but we want to consolidate that along the year. And as Fernando has mentioned before, we have to approve interim dividend by the end of the year. So part of the cash will be dedicated to that. And there is no any other consideration regarding this capital allocation. You referred to share buybacks, but it's not under consideration, has not been at the moment, and we don't expect any change on that. Okay? Okay.
Okay.
Okay. Thank you very much.
Ladies and gentlemen, once again, it is star 5 if you wish to ask a question. There are no further questions at this time. I will now hand back to David Gomez-Baquero. Your line is open. Thank you.
Okay. Thank you very much. There are no more questions, but if you have any, just please contact the Investor Relations department. We finish here the conference call, and wish you all a very happy holiday break. Thank you very much. Bye-bye.
Thank you.