Report Overview

Nordic Entertainment Group: Spinning out of the Nordics

Contents

Introduction

1. From Viasat to Viaplay: an early, successful digital pivot

2. From MTG to NENT: stock-market driven transformation

3. A sustainable investment cycle?

4. Content and the costs vortex

5. Market outlook

6. International expansion

About Enders Analysis

Tables and Figures

Nordic Entertainment Group Timeline

Figure 1: Nordic Entertainment Group organisational structure

Figure 2: Viaplay subscribers (000)

Figure 3: NENT, Disney and Netflix share price since NENT spun off, indexed to

Figure 4: NENT’s headline financials

Figure 5: YoY subscription revenue growth in the Nordic markets

Figure 6: Financial guidance

Figure 7: Future payment commitments disclosed in annual reports (SEKm)

Figure 8: Broadcast rights for top-tier sports in Nordic markets

Figure 9: Walter Presents series (2018-January 2022)

Figure 10: TV and film content on SVOD platforms (January 2022)

Figure 11: Selected SVOD platforms household penetration (%)

Figure 12: Sweden, access to subscription services (9-99 year-olds)

Figure 13: Main Nordic subscription services (latest industry estimates available)

Figure 14: Major Nordic video distributors

Figure 15: Sweden, home access to channels on a TV screen (9-99yo, Q3 2021)

Figure 16: Telia timeline

Figure 17: Viaplay’s international roll-out