Shaping The Future Of Entertainment - Mtg
Annual Report 2017Shaping the Futureof Entertainment
Content12017 in Brief2CEO statement4Who we are, what we do9Segmental performance10Nordic Entertainment12International Entertainment14MTG Studios1618MTGxDirector’s Report19Business operations20Business review22Business segments23Other Group information24The MTG share26Financial policies and risk management28Governance and responsibilities33Internal control report34Board of Directors36Group management39Financial statements50Notes to the accounts84Audit report88Five year summary90Alternative performance measures92Financial calendarCorporate Responsibility and sustainability priorities are covered in MTG’sAnnual Corporate Responsibility Report, published at www.mtg.comMTG is a leading international digital entertainment group and we areshaping the future of entertainment by connecting consumers with thecontent that they love in as many ways as possible. Our brands span TV,radio and next generation entertainment experiences in esports, digitalvideo content and online gaming. Born in Sweden, our shares are listed onNasdaq Stockholm.Annual Report 2017
Sales, SEKm17,537 8% organic growthOperating income before IAC, SEKm1,264 19% growthShare price 31 Dec 2017, SEK344.80 33% total shareholder return2017 was the best year yet. The Group’s sales, profits and margins allimproved. It was also a year of continued digital transformation, with significant investments into our streaming services and esport businesses aswell as active portfolio management that included acquisitions of twoonline gaming companies, InnoGames and Kongregate, and divestmentsof our broadcasting businesses in the Czech Republic and Baltics.Annual Report 20171
Shaping the Futureof Entertainment2017 was a fantastic year for MTG – the best ever! 8% organic salesgrowth, 19% profit growth and 33% total shareholder returns telltheir own story.that 94% of our people are willing to makean extra effort to make MTG more successful; 88% are proud of working atMTG; and 84% say that it is fun to go towork. This is so important in a world2We have lived and breathed our values– BOLD, SMART, FUN and ENGAGING –over the past year and we have more relevant, popular and available productstoday than ever before. We have broughtour customers closer to the entertainment experiences that they love, and wehave continued to pioneer new areas atthe very forefront of our industry – fromViasat to Viaplay, to Splay and Viafree,to ESL and Viareal, to InnoGames andKongregate! We have celebrated 30 yearsof TV3 with new streaming services, awardwinning original productions, the biggestlive sports line-up in our history, esportsviewing records, new online games, andcutting edge digital entertainment experiences and social media campaigns.And all of this has been made possibleby our teams. Our annual survey showedAnnual Report 2017where new talent is seeking an experience and a purpose, not just a job and asalary. And rich and varied experiencesare exactly what we offer our team members. Our shared purpose is to createresponsible and sustainable entertainment, which is why we have clear strategic priorities based on media responsibility, social impact, business ethics, andenvironmental care. It is also why welaunched a new code of conduct in 2017,which sets out who we are, what we standfor and how we do business.30 years ago at the end of 1987, welaunched the first commercial TV channelin Scandinavia and now our Viaplay, Viafreeand I Like Radio streaming apps are available to everyone on all devices, and Splayis helping next generation creators andadvertisers succeed in social media. Thisadds up to millions of hours of entertainment content. We have the broadest livesports line-up of any broadcaster anywhere; we have more movies and TVseries than ever before; we have a pipeline of more than 50 of our own originalseries; and we have launched our ownworldwide boxing tournament. And ouresports companies not only arrangedmore events than ever before around theworld, but just hosted a demonstrationtournament ahead of the Winter Olympics in PyeongChang. That is quite atransformation and we are just gettingstarted Transformation has always been part ofour DNA and this is precisely because the
CEO statement“world around us is constantly changing.We always aim to invest our time, energyand money in those areas where our customers spend most of theirs. Online videoconsumption rises every year and is soonset to be 50% mobile, as well as 50%on-demand. This is why we are investingso much in our streaming services and inoriginal content, including our mostrecent move into the world of virtual reality with Viareal.The formation of MTGx in 2013 markedthe start of our strategic transformationpath from a traditional national broadcaster into a global digital entertainer.This then accelerated in 2014 with thelaunch of the new MTG brand and values,and led to the acquisition of the esportsand digital video content businesses in2015, and the acquisition of our onlinegaming businesses in 2016 and 2017. Inorder to finance this expansion, we havesold a number of territorial businessesalong the way, including the Czech andBaltic operations in 2017, and we haveannounced the sale of Trace and ourBulgarian operations in 2018. In eachcase, we have found new owners forthese companies that will invest in theirfutures. Since 2015, we have spent SEK3.7 billion on buying companies and soldbusinesses for SEK 6.0 billion. As a resultof this transformation, our digital salesgrew by 68% and accounted for 31% oftotal group revenues in 2017.The Nordic Entertainment businessperformed very well in 2017, delivering 7%organic sales growth and 15% profitgrowth in a highly competitive industry.Our ability to develop, utilise, promoteand monetise programming contentthrough so many windows across theNordic region is a key differentiator andcompetitive advantage.The MTGx businesses generated 37%organic sales growth and were EBITDAprofitable for the full year basis for thefirst time. If we had consolidatedInnoGames and Kongregate since thebeginning of the year, MTGx would havereported sales of SEK 3.7 billion and anEBITDA profit of SEK 180 million!MTG’s performance in 2017 shows justhow well positioned we are in the highlycompetitive and rapidly evolving contentand communications landscape. We havethe best and broadest content offeringsand streaming services in the Nordics,and we have closer and deeper partnerships with content creators, owners anddistributors than ever before. We alsooffer next generation entertainment services on a global basis through our MTGxbusinesses. So the model is working andour strategic transformation continues,which is why we are now taking the nextstep by initiating work in order to be in aposition to propose a split of MTG intotwo listed companies. The plan is to create a Nordic entertainment champion bycombining Nordic Entertainment, MTGStudios and Splay Networks, and distributing shares in this business to MTGshareholders later this year. The remaining MTG would then be a pure digitalentertainment play focused on esportsand online gaming. This will create evengreater focus and flexibility and enablefurther growth, higher profits andincreased shareholder value. This proposal is of course conditional on the termination of the earlier proposed combination of our Nordic Entertainment andStudios businesses with TDC Group,Annual Report 2017The success seenin 2017 is based on aclear strategy, modernvalues, an empoweredculture, focused execution, and a firmcommitment to thefact that responsibleentertainment isbetter entertainment.3which reflected a number of similar strategic priorities.Thank you for taking the time to readthis and for your support, which has enabled all that we have achieved together,as well as our exciting plans for the yearahead. I have worked at MTG for over 24years now, and I am more excited thanever today because we have simply neverhad so many opportunities in front of us!#wearemtgJørgen Madsen LindemannPresident & Chief Executive Officer
Who we are,what we doA stronger and morerelevant MTGMTG was born 30 years ago as the operator of Scandinavia’s first commercial TVchannel, TV3. Since then, MTG has continually challenged ourselves to makeextraordinary things possible. Thisapproach has become a key competitiveadvantage.Our ongoing transformation from a traditional broadcaster into a leading globaldigital entertainer is a natural evolution asconsumer behaviours change. Today,MTG operates leading linear andstreamed TV, radio and content production businesses, while offering next generation entertainment experiences inesports, online gaming and digital videocontent around the world.MTG’s operations comprise four segments that generated total net sales ofSEK 17.5 billion in 2017, corresponding toan increase of 17% for continuing operations. Digital revenues increased by 68%compared with last year, and now represent 31% (22%) of total revenues. Operating income before IAC increased by 19%to SEK 1,264 million, corresponding to anoperating margin of 7%.Sales split by regionDigital share of net salesSales split per segment4Nordic Entertainment, 67%Nordics, 74%Digital, 31%International Entertainment, 7%Rest of Europe, 16%Other, 69%MTG Studios, 9%Rest of World, 10%MTGx, 17%Our approachVISIONMTG’s vision is to be the world’s leading provider of digital entertainment experiencesMISSIONMTG’s mission is to offer our customers great storytelling experiencesthat are relevant, simple to use and represent the best value for moneyVALUESSmart We are obsessed with content and empower talentBold We think big, move fast and we are always innovatingFun We fight boredom and do what we loveEngaging We put consumer experience first and stand togetherAnnual Report 2017Our objective is to create sustainable shareholdervalue. We are a growth company that focus on proactively taking advantage of changes in consumerbehaviour. Our strategy is to drive performance inour traditional businesses by innovating, optimisingand consolidating, while driving growth in our digitalbusinesses by expanding, diversifying and partnering. We focus on specific entertainment verticalswhere we can win on a local or global level. Ourtransformation into a leading global digital entertainer is supported by cost transformation, portfoliorealignment and strict capital allocation where wefocus on the areas that offer the greatest value creation potential for the future.
Who we are, what we doOur environmentVideo consumption is increasing Traditional linear viewing is decreasing, particularly among millennial audiences. However, overall video consumption is increasing, fuelled by the rise of online video ingeneral, and mobile and on-demand video in particular.Video consumption, hours/week35 11%3025On-demand201510Live and linear502010201120122013201420152016201720182019 but consumption patternsare changingThe behaviour of our customers is transforming in every way. When it comes toentertainment, the How, When and Whatare all shifting radically. The TV set usedto be a centrepiece in the living room,which made for a ‘camp fire’ viewingexperience. Today, viewing habits areshifting rapidly towards online video andmobile devices. Consumers want the flexibility to watch the content they lovewhen and where they like, and often incombination with other entertainment –so called multi-tasking. And what we arewatching is also changing. Binge viewingof drama series has become very popular,and there is also significant growth inesports viewing as well as in short-formcontent.2020Source: Ericsson ConsumerLab TV & Media 2017 Study5Annual Report 2017
Who we are, what we doOur strategyFollowing the eyeballsBroadcasters are facing two options –maximise short-term profits, or make thesignificant investments necessary to capitalise on the consumer shift towardsonline entertainment. MTG is a firmbeliever in the second alternative, as weare confident that it is only a matter oftime before the money follows the eyeballs. This is why we are investing heavilyin our online products and brands todeliver the most relevant digital storytelling experiences.6Two strategic priorities In order to become a leading global digitalentertainer, MTG has invested significanttime and money in two key areas: digitalvideo and online gaming/esports. Digitalvideo includes investments in streamingservices such as Viaplay and Viafree, aswell as in multi-platform networks such asSplay and Zoomin.TV.This decision to disrupt our core broadcasting businesses was a bold one, but ithas clearly paid off. This can be seen inour operational performance as well as inour higher online market share comparedwith offline.Gaming & EsportsDigital videoThe growing availability of high-speedand mobile Internet access has transformed the gaming ecosystem. Theindustry is rapidly shifting from primarilyselling physical games into a live servicemodel, often with free-to-play elements,with highly predictable revenue streams.The free-to-play segment combines lowupfront investments with compellingstructural growth drivers. MTG’s keyinvestments into the online gaming spaceinclude InnoGames and Kongregate.Esports, or competitive gaming, has inrecord time, become a mainstream sportwith a huge global fan base. Esports isnow the entertainment format of choicefor many millennials. MTG’s esports businesses create content and organiseevents, including branded internationaland national leagues and tournaments,as well as grassroots amateur leaguesand festivals. MTG’s key investments intothe esports space include ESL andDreamHack.Annual Report 2017
Who we are, what we do underpinned by active portfoliomanagementMTG’s transformation into a global digitalentertainer has included a strategic shiftin investment to online in general andstreaming services in particular. However,active portfolio management and strategic partnerships have also been a key partof this transformation.We have made several strategic acquisitions over the past three years. The mostrecent one of size was the acquisition ofKongregate in July 2017, which was MTG’ssecond acquisition in the online gamingspace. This has since been followed bybolt-on acquisitions of two smaller gamesstudios, Synapse Games and Chinzilla.The enterprise value of the acquired busi-Key acquisitions 2015–nesses totals SEK 5.9 billion of which MTGhas paid approximately SEK 3.7 billion.MTG has also exited several businesses, which enables us to focus ourcapital and attention on the biggestopportunities for long term value creation. Key divestments during 2017included MTG’s businesses in the CzechRepublic and in the Baltics. The enterprisevalue of the divested businesses totalsSEK 8.6 billion, of which MTG hasreceived approximately SEK 4.0 billionrelating to our shares with another SEK2.0 billion to come with the completion ofthe sale of Trace and Nova (Bulgaria),which were announced in 2018.YearKongregate2017InnoGames2016 /17Engage Sports Media2016ESEA2015DreamHack2015Turtle Entertainment2015Zoomin.TVSplayTotal amount (SEK billion)20152015/173.7Key disposals 2015–YearBulgaria2018Trace2018Baltics2017Czech 2015Sappa2015Total amount (SEK billion)6.07Annual Report 2017
Who we are, what we doIt’s all about relevant storytelling Although the way we consume entertainment is changing dramatically, this is anevolution rather than a revolution. Relevant storytelling remains the key successfactor. MTG delivers targeted stories tomany different audiences and distributingthese on every relevant platform.Today, consumers can choose frommore entertainment options than everbefore. MTG’s approach is to know ouraudience and to invest heavily in relevantand high quality content that drivesengagement, loyalty and customer satisfaction. This leads to increased pricingand negotiating power, which in turnallows additional investment to improveour relevance even further.8 and extraordinary peopleAnother success factor is the value ofcommitted and talented employees. MTGis built upon shared values, a can-do attitude, passionate professionals and aresponsible organisation. This makes MTGone of the most attractive workplaces inthe entertainment industry. Internal surveys show that our employees have funand feel proud to work at MTG. This, inturn, leads to a highly motivated workforce who are willing to put in an extraeffort to make their company successful.Five drivers offuture returnsMTG’s vision, mission and strategy should be seen against the backdrop of increasing video consumptionand changes in consumer behaviour. In this context, MTG is competitively positioned to deliver attractive andsustainable returns to shareholders, and has identified five clear initiatives to drive future returns: W in in the Nordics through a unique concept and leadingstreaming positions Capitalise on shifts in consumer behaviour by scaling up MTGx Disciplined cost control and capital allocation Drive additional value through strategic partnerships Active portfolio managementAnnual Report 2017
SegmentalperformanceMTG’s operations comprise four segments that are transformingand adapting to new consumer behaviours.In 2017, MTG continued to gain marketshare in both the Nordics and Bulgaria asa result of successful digital investments.MTG Studios once again increased itsrevenues d riven by a strong performancein the drama genre. MTGx grew stronglythrough a combination of robust organicgrowth in esport and continued acquisitions. Overall, the Group’s sales for continuing operations increased by 17% andoperating profit before items affecting comparability (IAC) with 19%.Segmental performance (continuing operations)(SEKm)201720161)11,96111,139Net sales by segmentNordic EntertainmentInternational Entertainment1,1891,102MTG Studios1,8321,777MTGx2,9641,326Central operationsEliminationsTotal net sales190185-599-53017,53714,999Operating income by segmentNordic Entertainment1,5741,370International Entertainment176148MTG Studios6881-170-251MTGxCentral operationsTotal operating income before IAC-384-2881,2641,060Operating margin by segmentNordic Entertainment13.2%12.3%International Entertainment14.8%13.4%MTG StudiosMTGxTotal operating margin before IAC3.7%4.6%-5.7%-18.9%7.2%7.1%The Czech Republic, Baltic and African operations (excluding Trace) were reclassified as ‘Discontinued operations’ and the statements for 2016 have beenrestated accordingly.1) Annual Report 20179
Segmental performanceNordicEntertainmentContinued solid top and bottom-line performance despite tough comparisons, as streaming products Viafree and Viaplay continueto perform above expectations.10Who we are, what we do2017 in briefKey priorities going forwardNordic Entertainment is an integratedbroadcasting and online media house.The segment combines an establishedposition in pay-TV with challenger positions in free-TV and leading positions inthe video-on-demand segment. MTG alsohas leading positions in the Norwegianand Swedish radio markets. The segmentcombines the most complete contentoffering in the Nordic market with aworld-class sports offering. Key brandsinclude Viasat, TV3, TV6, Rix FM, Viaplayand Viafree. Sweden and Denmark arethe biggest markets, and there are substantial growth opportunities in Norwayand Finland.Sales increased by 7% on an organic basis,driven by the digital businesses in generaland Viaplay in particular. Free-TV and radiosales were up 5% on a reported basis,with the continued decline in linear viewing more than offset by higher advertising Continue to shift investments into digital Maintain content leadership and maximise returns from increased investments in original content Seek new co-operations to enhanceperformance Grow new revenue streams such asbroad band TVSales,SEKm11,139OperatingIncome, SEKmprices and solid growth in Viafree and radio.Pay-TV sales were up 9% on a reportedbasis, driven by a combination of healthyvolume and value growth in Viaplay, andby solid growth in broadband TV.Operating income was up 15% andoperating margin increased from 12% to13%. This was a function of solid top-linegrowth and strict cost control. This performance also demonstrates the benefitsof a uniquely integrated structure thatprovides improved monetisation opportunities and higher flexibility than the competition.Share of groupnet salesSales splitby segment11,9611,5741,3702016201720162017Nordic Entertainment, 67%Free-TV & Radio, 43%Other, 33%Pay-TV, 57%Annual Report 2017
Segmental performanceKey events 2017/18Added and/or extended key sports rights such as the UEFA Champions League,the EFL Championship, the Kontinental Hockey League, the IIHF Ice HockeyWorld Championship, and the ATP World Tour Masters 1000 and ATP WorldTour Finals tennis.11Delivered the biggest and most successful payper-view event ever in the Nordic region withexclusive coverage of the fight between FloydMayweather Jr. and Conor McGregor.MTG Radio was awarded one of three national radio licenses in Sweden,which will increase penetration from 68% to 82% from August 2018. MTGwas also awarded regional licenses in 17 of the 21 markets in Sweden.Entered a multi-layered partnership with Bonnier that includes distribution of Bonnier’s free-TV and pay-TV channels on Viasat’s DTH andfibre-TV offerings from Q1 2018.Annual Report 2017Premiered eight Viaplay Originals and reinforced the strategic collaboration with Disney.
Segmental performanceInternationalEntertainmentDouble-digit profit growth driven by continued strong performancein the Bulgarian operations (Nova Group). Signed agreement to divestTrace and Nova Group at the beginning of 2018.12Who we are, what we do2017 in briefKey priorities going forwardInternational Entertainment comprisesMTG’s businesses in Bulgaria as well asTrace, an Afro-urban entertainment business. MTG’s businesses in Bulgaria forman integrated broadcasting and onlinemedia house that includes market leadingfree-TV channels, a fast-growing pay-TVbusiness, and a portfolio of digital assetssuch as the country’s biggest news portals (vesti.bg, nova.bg, dariknew.bg), theemail platform abv.bg, the video sharingplatform Vbox7.com, the leading sportswebsite gong.bg and the multi-platformnetwork 7 Talents. Key TV brands includeNova, Kino Nova, Diema, Diema Familyand Nova Sport, as well as the premiumsports channels Diema Sport and DiemaSport 2.Sales increased by 7% on an organicbasis. The Bulgarian business generateddouble-digit sales growth, with solid performance in the broadcasting operationsas well as in the digital assets. Trace saleswere down following termination of somedistribution contracts.Operating income was up 19% and operating margin increased from 13% to 15%.The improvement was driven by continuedearnings growth in Bulgaria. Trace wasloss-making as a result of lower sales andinvestments in the launch of Trace Play.As a part in MTG’s transformation into adigital entertainer, the company signedagreements in early 2018 to divest its holdings in Trace and Nova Group, togetherthe only continuing operations withinInternational Entertainment. Both transactions are expected to close during thefirst half of 2018, after receiving allnecessary regulatory approvals.Share of groupnet salesSales splitby regionSales,SEKm1,102OperatingIncome, SEKm1,1891761482016201720162017International Entertainment, 7%Bulgaria, 83%Other, 93%Rest of world, 17%Annual Report 2017
Segmental performanceKey events 2017/18Extended rights to the EFL Cup and added rights to the World Boxing Super Series.Completed the divestment of Baltic businesses at an enterprisevalue of EUR 115 million.Completed the divestment of MTG’s 50% stake in FTV Prima Holding in the Czech Republic for a cash consideration of EUR 116 million.Announced the divestment of Nova Group, MTG’s Bulgarianbusiness and last remaining operations in International Entertainment, in February 2018. The transaction values 100% ofthe business at EUR 185 million and is pending regulatoryapproval.Announced the divestment of MTG’s holdings in Trace in January2018. The transaction is based on an Enterprise Value of EUR 40million and is pending regulatory approval.Annual Report 201713
Segmental performanceMTG StudiosStudios’ healthy development continued in 2017 as demand for scripteddrama and branded content remained strong.14Who we are, what we do2017 in briefKey priorities going forwardMTG Studios is one of the world’s leadingcreators, producers and distributors ofcontent rights, scripted content, commercials, events and branded content.With 31 companies in 17 countries, MTGStudios has the capabilities to meet thehigh expectations of today’s clients andaudiences. Key brands include NiceDrama, Strix, Monster, Titan, Moskito,Paprika and DRG. Sweden, Norway andDenmark are the biggest markets, and theGroup is seeing robust growth outsidethe Nordic region as a result of increaseddemand from international video-on- demand players.Sales increased by 3% on an organicbasis, driven by increased demand forscripted drama and branded entertainment. This more than offset the weaknessseen in the traditional free-TV segment ingeneral and in non-scripted content inparticular.Operating income was down 16% andoperating margin dropped from 5% to 4%.The underlying performance was healthy,and the decline was a function of lowerhigh margin format sales. Continue to invest in talent and creativesto increase international potential Increase international development andproduction co-operation Explore partnerships in US and China tosecure top quality content Maximise returns from increasedinvestment in original content Seek new co-operations to enhanceperformance, such as through theAtrium TV commissioning club Build scale in digital-first, short-formstorytellingShare of groupnet salesInternal shareof salesSales,SEKm1,777Operating income,SEKm15%1,832819%6885%201620172016201791%MTG Studios, 9%Internal, 15%Other, 91%External, 85%Annual Report 2017
Segmental performanceKey events 2017/18Made significant push into digital through geographical expansion of the Nice One concept.Established a firm position as the leading Nordic drama producer throughincreased focus on the OTT segment and investment in creative talent.15Acquired Matador Film AB, gaining access to leading creative talents and anattractive IP portfolio.Joined 6/26, Electus International’s globalco-production model, to secure top qualitynon-scripted content.Set new ratings record for a Viaplay original serieswith ‘Hassel’. Premiered first original film ‘Superswede’ in cinemas and on Viaplay.Founded Atrium TV, a global commissioning club that will create premium dramacontent for regional streaming services.Annual Report 2017
MTGxSegmental performanceSales more than doubled as a result of strong organic growth andacquisitions of InnoGames and Kongregate. MTGx was EBITDAprofitable for the full year, which was an important milestone.Who we are, what we do16MTGx comprises the Group’s global digital businesses, which are reported withinthree verticals: esports, online gamingand digital video content.Esports: through ESL and DreamHack,MTG is the world’s leading esports company and operates national and international tournaments as well as grassrootsamateur cups, leagues and festivals.ESL and DreamHack are already globalbrands and preferred choices for viewers,players, partners and publishers.Online gaming: InnoGames runs aportfolio of six successful games including titles such as ‘Forge of Empires’ and‘Elvenar’. InnoGames is focused on thefree-to-play segment and provides players with a cross-platform experiencethrough browsers and mobile devices.Kongregate is a cross-platform gamespublisher for independent developers.The company is currently expanding itsrole as a first party games developer byacquiring smaller independent studios.Sales,SEKmOperating income,SEKm2016Digital video content: Splay andZoomin.TV are both focused on creatingthumb-stopping content that peoplewant to engage with and share.2017 in briefSales increased by 37% on an organicbasis and 124% on a reported basis.Esports sales were up 35% on a reportedbasis, driven by a combination of volumeand value growth. The reported growthrate was affected by the exclusion of prizemoney for third party events from the startof the year. 2016 sales would have beenSEK 98m lower if presented on this basis.Digital video content sales were up 15%on a reported basis driven primarily bySplay but Zoomin.TV also increased itsrevenues.MTG’s online gaming businessesreported revenues of SEK 1,234m, whichincluded the consolidation of InnoGamesfrom 1 May and Kongregate from 21 July.Net sales for MTGx would have totalledSEK 3.7 billion for 2017 if the acquisitionshad been consolidated from the start ofthe year.Share of groupnet salesMTG continued to invest significanttime and money into the expansion ofesports. MTGx still managed to report apositive EBITDA for the full year followingthe consolidation of InnoGames and Kongregate.Key priorities going forward Further establish MTGx as a leadingglobal digital entertainer through selective acquisitions Maintain position as the world’s leadingesports actor by providing the bestexperiences for players, viewers,publishers and partners Capitalise on growth in mobile gamingand the free-to-play segment through acombination of publishing capabilitiesand investments into franchise IP/brands Increased focus on branded entertainment and original content in digitalvideo content Start to capitalise on the powerfulnetwork effects between the threeMTGx verticalsSales splitby vertical20172,964–1701,3262016–251MTGx, 17%Esports, 46%Others, 83%Online gaming, 42%2017Digital video content, 12%Annual Report 2017
Segmental performanceKey events 2017/18MTG increased its ownership in InnoGamesfrom 21% to 51% at the same enterprise valuation as the initial investment
tion potential for the future. Nordic Entertainment, 67% International Entertainment, 7% MTG Studios, 9% MTGx, 17% Nordics, 74% Rest of Europe, 16% Rest of World, 10% Digital, 31% Other, 69% Our ongoing transformation from a tra - ditional broadcaster into a leading global digital entertainer is a natural evolution as consumer behaviours change .
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