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The ProSiebenSat.1 Group is leading in the German market for TV and online advertising
and with ProSieben and SAT.1 has two of the furthest reaching TV stations in the German-speaking region. Alongside a successful digital and ventures portfolio, the Group also
has an international production network. This means, ProSiebenSat.1 has a broad and stable
revenue and profit basis. Our goal is to continue growing profitabely in the future and
to increase earnings of all our businesses in a sustainable manner.
The ProSiebenSat.1 Group is one of the largest independent media corporations in Europe. Free TV financed by advertising is our core business. We reach around 42 million TV households with our TV stations in Germany, Austria, and Switzerland. We have tapped into a dynamically growing business area with the distribution of our HD free TV stations. We are also Germany’s leading online seller of video content on the internet. Our digital portfolio includes the biggest German video-on-demand portal, maxdome. We are active in the online games business and operate an attractive, rapidly growing e-commerce portfolio. We also own Starwatch Entertainment, an independent music label. With the Red Arrow Entertainment Group, we produce international TV programs and sell them to TV stations worldwide.
In December 2013, the ProSiebenSat.1 Group sold its Eastern European TV and radio stations. The sale of the Hungarian activities is expected to be concluded on February 25. The closing of the sale of the Romanian activities and the corresponding deconsolidation are expected in the second quarter of 2014. The Group had already sold its Northern European TV and radio activities at the end of 2012. This sale was completed in April 2013. Since then, the ProSiebenSat.1 Group has focused on the strategic expansion of its high-growth digital & adjacent business.
The enterprise is managed centrally by the holding company ProSiebenSat.1 Media AG. The organizational structure of the ProSiebenSat.1 Group did not change materially in 2013. We report in detail about changes to the scope of consolidation in the corresponding chapter of the Group management report and the Notes.
ProSiebenSat.1 Media AG is the parent company of the ProSiebenSat.1 Group and headquartered in Unterföhring near Munich. It is listed in Germany at the stock exchange in Frankfurt am Main and since August also at the stock exchange in Luxembourg (Bourse de Luxembourg). A stock corporation under German law has three principal governing bodies: the Annual General Meeting, the Executive Board, and the Supervisory Board. The governing bodies’ decision-making powers are strictly demarcated from each other:
The shareholders of ProSiebenSat.1 Media AG exercise their rights of joint administration and
oversight at the Annual General Meeting. In August 2013, all non-voting preference shares
were converted into voting common shares in a ratio of
The Executive Board is responsible for the ProSiebenSat.1 Group’s overall performance, and has both professional and disciplinary authority over the managers of the various business segments and holding company units. The Supervisory Board monitors and advises the Executive Board in its conduct of business, and is thus directly involved in all corporate decisions of major importance.
The basic rules for this dual management system are defined in ProSiebenSat.1 Media AG’s articles of incorporation and in the rules of procedure for the Executive Board and Supervisory Board. The articles of incorporation also define the corporate objective. According to Section 179 of the German Stock Corporation Act (AktG), they may only be amended by a majority resolution of the Annual General Meeting. We report on personnel changes in the boards in the ”Reports from the Executive and Supervisory Board” section of the Annual Report.
The present consolidated financial statements include ProSiebenSat.1 Media AG and all significant subsidiaries — meaning entities in which ProSiebenSat.1 Media AG directly or indirectly holds a majority of voting rights, or over whose activities it can otherwise exercise a controlling influence.
One of the most important direct subsidiaries of ProSiebenSat.1 Media AG is ProSiebenSat.1 TV Deutschland GmbH. Under its umbrella, all German TV stations of the ProSiebenSat.1 Group work together in a cross-function matrix organization. In terms of structure, ProSiebenSat.1 Media AG differs considerably from other German TV companies. Not only does the company indirectly own all shares in the TV stations SAT.1, ProSieben, kabel eins, sixx, SAT.1 Gold, and ProSieben MAXX, it also indirectly holds a 100 % stake in the sales companies SevenOne Media GmbH and SevenOne AdFactory GmbH. This results in advantages with regard to the stations’ programming and the sale of advertising time. The companies in the online, games, travel and ventures areas are also affiliated indirectly with ProSiebenSat.1 Media AG via subsidiaries consolidated under the ProSiebenSat.1 Digital & Adjacent GmbH. The subsidiaries for the Content Production & Global Sales segment operate as the Red Arrow Entertainment Group, also a 100 % holding of ProSiebenSat.1 Media AG.
By integrating the TV and digital fields, we want to open up pioneering business areas, and in recent years have systematically gained access to new markets with strong long-term growth prospects. Our vision is to develop the ProSiebenSat.1 Group into a broadcasting, digital entertainment and commerce powerhouse and simultaneously consolidate the strong position in the TV business. Our objective is to open up additional sources of revenues outside the core business, free TV financed by advertising, and to further increase their share in total revenues.
The expansion of the Digital & Adjacent activities is the particular strategic focus of the
ProSiebenSat.1 Group. The 2013 financial year was therefore characterized by launches and acquisitions.
Here, the Group primarily benefits from the reach and the content of its strong free TV
stations and the possibility of using free advertising space to market digital services. For example,
the Group sees attractive opportunities for synergy and growth in in the e-commerce business as
well as the market for digital entertainment. In the Ventures unit, ProSiebenSat.1 invests exclusively
in holdings that target a dynamically growing mass market and that can be marketed synergistically
via its TV stations. New revenue models for the Group also arise from the fast growing
We measure the success of our strategy on the basis of 2010 by the achievement of our revenue targets for 2015. The ProSiebenSat.1 Group increased these targets in October 2013 due to the positive business performance. At Group level and on the basis of continuing operations, we had already achieved 69 % of our 2015 growth target by the end of 2013 thanks to targeted management.
The ProSiebenSat.1 Group also presented new financial targets for 2018 at its Capital Markets Day in October 2013: The Group wants to increase its revenues from continuing operations by EUR 1 billion compared with 2012. All three segments — Broadcasting German-speaking, Digital & Adjacent and Content Production & Global Sales — are to contribute to the positive revenue performance. The largest growth driver, Digital & Adjacent, is to contribute around 25 % to 30 % of consolidated revenue in 2018. At the same time, the Company is seeking to generate a significant earnings contribution from the additional revenues and thus to continue on its profitable growth course.
The operating units are responsible for the implementation of the strategy and are divided into three reporting segments. They are strategically, economically and technically interrelated and are managed by ProSiebenSat.1 Media AG. In its function as the Group holding company, ProSiebenSat.1 Media AG has no operational role. Its tasks include central financing, Group risk management and the ongoing development of the corporate strategy. The economic development of the ProSiebenSat.1 Group is determined primarily by the subsidiaries, held both directly and indirectly.
The corporate management of the ProSiebenSat.1 Group is carried out centrally by the Group’s Executive Board. The overriding goal is to consistently implement the corporate strategy and to expand the Group from a traditional TV company to a broadcasting, digital entertainment, and commerce powerhouse.
The ProSiebenSat.1 Executive Board manages the Group with a number of financial and non-financial performance indicators. These key performance indicators (KPIs) are derived from the described strategic objectives of the ProSiebenSat.1 Group and broken down for its individual segments and operating units. The parameters we use enable us to measure the success of our business operations. The defined financial performance indicators are oriented toward the overriding goal of increasing profitability and growth and to the interests and requirements of the ProSiebenSat.1 Group’s equity providers and lenders:
The company operates in an industry environment characterized by a very dynamic change process. It is therefore particularly important that the different operating units act flexibly and can quickly take advantage of market opportunities that arise. For this reason, while the individual subsidiaries operate on the basis of central objectives, they are also autonomous with full responsibility for revenues and earnings.
Our management system has a clear focus on achieving financial targets. Alongside the financial
key performance indicators mentioned above, non-financial parameters.
also serve the
ongoing control of our customer, market and service-related achievement of targets. They
contribute indirectly to achieving profitability and growth targets. An important parameter
for TV that cannot be directly measured in financial terms is audience shares. They indicate
the popularity of programs and are therefore an important means of documenting the operating
performance of our free TV stations for the advertising industry. Deviations in current
ratings from anticipated planning figures are assessed as part of early risk detection. Data
on television consumption is collected exclusively by
|Financial parameters||> Revenues|
> Recurring EBITDA
> Underlying net income
> Leverage ratio
|Non-financial parameter||> Audience shares|
In addition to these internal performance indicators, the Group-wide management and planning process includes external indicators. Current economic data, such as the trend in private consumption, incoming orders, retail sales, and gross domestic product, serve, for example, as relevant indicators of advertising companies’ willingness to invest.
In addition to the formal process of corporate management, performance factors such as cost awareness and efficient process management are central requirements for the continued strengthening of the ProSiebenSat.1 Group’s leading position. The establishment of a “best practice organization” therefore remains an important strategic task for us. Central requirements for this are uniform process management and a successful internal controlling and risk management system. With the PRIME program, the ProSiebenSat.1 Group has systematically mapped all processes in the Group including risks, and thus has an efficient and transparent control instrument in process management. At the same time, the company provides the required conditions for a culture of top performance. High-performing and motivated employees,, guided by a common sense of mission, are the heart of our best practice organization. A key requirement for this is clear objectives for employees at all company levels (management by objectives).
The strategy is debated at an annual meeting and, if necessary, individual targets are redefined or prioritized. SWOT analyses are an important strategy development tool. To this end, market conditions and current performance indicators for relevant competitors are compared, threats and opportunities presented by the market are evaluated and the strengths of the ProSiebenSat.1 Group put into focus.
Taking the strategic targets as a starting point, the operating plan for the year (budget) is compiled at the end of each financial year. This is done on the basis of “mixed planning”: The Executive Board decides the corporate strategy, and as a consequence the planning targets for the Group and its segments, centrally (“top-down”). The detailed planning, and in particular the determination of the measures for achieving the budgeted targets, is performed as a second step at the operational level (“bottom-up”). To this end, company-specific data from the income statements or statements of financial position and cash flow statements of individual subsidiaries are aggregated at segment and Group level. These data primarily relate to volumes and prices, human resources, program planning, costing, and capital budgeting. In turn, the budget forms the basis for the long-term multi-year planning. Key factors are quantified for the parameters described above, with the target values calculated on a quarterly basis for the next five years.
The anticipated short and long-term target attainment is analyzed throughout the year by means of monthly trend projections, so that any deviations from planning can be detected promptly and countermeasures can be implemented at short notice. The expected development of revenue, earnings and cash flows for the current year is calculated and compared to the budgeted figures on the basis of target attainment so far, i.e. actual figures. The individual steps of the planning process — budget preparation, multi-year planning, and monthly reporting — are shown in the planning calendar diagram below:
The Compensation Report describes the main features of the compensation system for the Executive Board and Supervisory Board of ProSiebenSat.1 Media AG and explains the structure and level of compensation of the individual members of the Executive Board and Supervisory Board. It is part of the audited Group Management Report and complies with the relevant legal regulations; it also takes into account the recommendations of the German Corporate Governance Code in the version of May 13, 2013.
In addition to their functions as directors and officers of the Company, the members of the Executive Board of ProSiebenSat.1 Media AG also have contractual relationships with the Company. The ProSiebenSat.1 Media AG Supervisory Board is responsible for making the employment agreements with the members of the Executive Board. The Executive Board employment agreements have a maximum term of five years and also regulate the compensation. After a proposal by the Compensation Committee, the structure and amount of the Executive Board compensation are defined by the Supervisory Board and regularly reviewed. The criteria for appropriate compensation are, on the one hand, the individual Board members’ personal performance and areas of work and responsibility and, on the other hand, the amount and structure of executive board compensation in comparable companies, the Company’s business situation and the ProSiebenSat.1 Media AG compensation structure.
The compensation system for the Executive Board of ProSiebenSat.1 Media AG aims to create an incentive for sustainable company performance. It is composed of fixed and results-based components. In the 2013 financial year, Executive Board compensation comprised the following components:
The following total compensation was determined for the Executive Board members appointed by the Company as of the close of the 2013 financial year:
|EUR k||Annual salary||Total||Expenses from share-based compensation in the financial year||Total||Pensions|
|Fixed base salary||Variable annual compensation||Fixed fringe benefits2||Current service cost3||Defined Benefit Obligation|
|Dr. Christian Wegner||2013||500.0||450.0||19.0||969.0||554.0||1,523.0||61.3||132.9|
|1 Three-months basis: Member of the Executive Board since October 1, 2012.
2 Includes lease payments for use of company car and insurance premiums (excluding D&O).
3 Service costs in line with IFRS for the pension entitlement acquired in the respective financial year. Not including entitlements from the individual’s own payments (as of December 31, 2012 and December 31, 2013).
The stock options held by active members of the Executive Board developed as follows in the 2013 financial year:
|As of January 1||Exercised/repurchased in the financial year||As of December 31|
|Thomas Ebeling||2013||210,000||1.58 €||105,000||26.19 €||1.58 €||105,000||0.00 €1||0.00 €1||2.00|
|2012||315.000||1.58 €||105,000||19.35 €||1.58 €||210,000||1.58 €||1.58 €||3.00|
|Axel Salzmann||2013||180,000||6.39 €||120,000||26.19 €||8.79 €||60,000||0.00 €1||0.00 €1||2.00|
|2012||240.000||5.19 €||60,000||19.35 €||1.58 €||180,000||6.39 €||1.58 € - 16.00 €||2.67|
|1 Strike price after application of the dilution protection clause due to the dividend payment on July 24, 2013 (previously: EUR 1.58).|
Since the 2010 financial year, no stock options have been granted to members of the Executive Board.
The Company reacquired the 225,000 stock options of the Long Term Incentive Plan from the 2008 and 2009 cycles still outstanding in 2013 from the corresponding Executive Board members on the basis of a Supervisory Board resolution. The weighted average strike price was EUR 5.43 per option; the weighted average share price amounted to EUR 26.19 per option.
The Company has granted neither loans nor provided guaranties or warranties to the members of the Executive Board.
In the 2013 financial year, total compensation (pensions) was paid to former Executive Board members amounting to EUR 0.3 million (previous year: EUR 0.3 million). As of December 31, 2013, pension provisions for former members of the Executive Board according to IFRS amounted to EUR 10.0 million (previous year: EUR 8.7 million).
In the 2013 financial year, 167,000 stock options were bought back or exercised by former members of the Executive Board. The weighted average strike price was EUR 11.25 per option; the weighted average exercise price amounted to EUR 26.08 per option.
Andreas Bartl, who left the Executive Board in 2012, received the following compensation in the 2012 financial year:
|EUR k||Annual salary||Total||Expenses from|
the financial year
|Fixed base salary||Variable annual compensation||Fixed fringe benefits2||Current service cost3||Defined Benefit Obligation|
|1 Andreas Bartl was appointed to the Executive Board as of February 29, 2012. His
contract of employment ended as of December 31, 2012. The compensation shown
relates to the entire 2012 financial year.|
2 Includes lease payments for use of company car and insurance premiums (excluding D&O).
3 Service costs in line with IFRS for the pension entitlement earned in the financial year. Not including entitlements from the individual’s own payments (as of December 31, 2012).
In the 2013 financial year, there were additions to pension provisions for active and former Executive Board members in line with IFRS totaling EUR 3.1 million (previous year: EUR 2.9 million). EUR 1.7 million of this related to service cost (previous year: EUR 1.4 million), EUR 0.5 million to interest expenses (previous year: EUR 0.5 million) and EUR 0.9 million to actuarial losses ( previous year: EUR 1.0 million). As of December 31, 2013, pension provisions for active and former Executive Board members totaled EUR 15.5 million (previous year: EUR 12.8 million).
The Executive Board members are involved in group liability insurance (D&O insurance). This D&O insurance covers the personal liability risk should Executive Board members be made liable for financial losses when exercising their professional functions for the Company. The insurance includes a deductible according to which an Executive Board member against whom a claim is made pays a total of 10 % of the claim in each insured event, but not more than 150 % of the respective fixed annual compensation for all insurance events in one insurance year. The relevant figure for calculating the deductible is the fixed remuneration in the calendar year in which the infringement of duty occurred.
The compensation of the Supervisory Board is set in the articles of incorporation of ProSiebenSat.1 Media AG. Members of the Supervisory Board receive fixed annual compensation. It amounts to EUR 50,000 for the ordinary Supervisory Board members and EUR 100,000 each for the Chairman and the Vice Chairman. In addition, meeting honoraria are paid for contributing to the committees. This amounts to EUR 3,000 per meeting attended for ordinary members of the Audit and Finance Committee, and EUR 1,500 per meeting attended for ordinary members of any other Committee. Committee Chairmen receive twice the standard meeting honorarium. No performance-based variable compensation is granted.
Supervisory Board members received the following compensation for the 2013 financial year:
|EUR k||Fixed base compensation||Meeting honoraria Presiding Committee||Meeting honoraria Audit and Finance Committee||Meeting honoraria Compensation Committee||Total|
|Götz Mäuser 1||2013||78.0||6.0||15.0||6.0||105.0|
|Johannes Peter Huth 2||2013||100.0||4.5||12.0||9.0||125.5|
|Drs. Fred Th. J. Arp 3||2013||37.5||-||-||4.5||42.0|
|Robin Bell-Jones 4||2013||-||-||-||-||-|
|Herman M.P. van Campenhout5||2013||-||-||-||-||-|
|Lord Clive Hollick||2013||50.0||-||-||-||50.0|
|Dr. Jörg Rockenhäuser 7||2013||71.9||3.0||-||3.0||77.9|
|Prof. Dr. Harald Wiedmann||2013||50.0||-||30.0||-||80.0|
|1 Chairman of the Supervisory Board until July 23, 2013|
2 Vice Chairman of the Supervisory Board until July 23, 2013, Chairman of the Supervisory Board from July 23, 2013
3 Member of the Supervisory Board until October 13, 2013
4 Member of the Supervisory Board until May 15, 2012
5 Member of the Supervisory Board until May 15, 2012
6 Member of the Supervisory Board until May 11, 2013
7 Vice Chairman of the Supervisory Board since July 23, 2013
In addition to this fixed annual compensation or meeting honoraria, the members of the Supervisory Board were reimbursed for all out-of-pocket expenses and received compensation for the sales tax levied on their compensation and out-of-pocket expenses.
D&O insurance covers the personal liability risk should Board members be made liable for financial losses when exercising their functions. No deductible has been agreed for members of the Supervisory Board.
Members of the Supervisory Board received no remuneration or other consideration for personal services, especially consulting and mediation services, during the 2013 financial year. Members of the Supervisory Board do not receive loans from the Company.
ProSiebenSat.1 Media AG has to comply with a large number of stock exchange and legal regulations. As a stock corporation listed in Germany, it is in particular subject to German laws that govern corporations, co-determination, and the capital markets, and it must observe the recommendations of the German Corporate Governance Code. Important reporting obligations that result from the legal requirements for this management report are shown below.
The German TV market is distinguished by a dual broadcasting system. Alongside well-funded public broadcasting, which operates 21 TV stations and around 70 radio stations with a budget of EUR 8.6 billion, there are also private broadcasters. The latter finance more than 280 TV stations and nearly 260 radio stations with EUR 7.1 billion (2012). The private television market is dominated by two families of stations: The ProSiebenSat.1 Group, the market leader in the German TV advertising market, and the RTL Group. While the private providers operate as independent commercial enterprises, funding of public broadcasting is guaranteed by law and its mandate for basic broadcasting is ensured by the license fee. In addition to this income, the public broadcasters also generate revenues via advertising.
Income from license fees has further increased in recent years. In 2012, the monthly fee was EUR 17.98 per TV. In 2000, it was DM 28.25 or EUR 14.44. In view of this, the funding of the dual system has become unbalanced, even though the revenues of the private commercial broadcasters have returned to the level of 2000 after years of recession in the industry.
After the changeover to a new license fee model in January 2013, revenues from fees are likely to rise slightly again in the years to come. Faced with the increasing convergence of devices capable of receiving broadcasts, the former device-based fee was replaced by a new model. The fee is now raised per household – regardless of ownership, type, or number of devices. Due to the expected greater number of fee-paying households, the study “German Entertainment and Media Outlook: 2013-2017” by PricewaterhouseCoopers (PwC) forecasts that fee income will increase by around 0.3 % in 2013.
|Fee income for public TV stations||4,694.0||4,747.0||4,771.0||4,793.0||4,946.0|
|Change||0.3 %||1.1 %||0.5 %||0.5 %||3.2 %|
|Income per TV household||122.4||123.8||124.4||125.0||129.1|
|Change||0.3 %||1.1 %||0.5 %||0.5 %||3.2 %|
|Source: PricewaterhouseCoopers (PwC): German Entertainment and Media Outlook: 2013 - 2017.|
Another legal change came into force in 2013 with a sponsorship ban in public television after 8 p.m. and on Sundays and public holidays. The change in the law is in line with private broadcasting companies’ demand that public broadcasters stop being funded by advertising. In no European country do the public broadcasters have similarly high budgets to those in Germany. However, market analyses show that the broadcasting agencies are reaching ever fewer young people with their main channels, ARD and ZDF. In order to counteract this trend, the public broadcasters are expanding with specialist digital channels and online offerings. Their plans include a new youth station that will be complemented by online offerings. The expansion plans are being critically discussed by politics and society, as they exceed the originally public mandate to provide basic services. Fees are now used to finance – in addition to the main stations – three public news channels, four culture channels and an entertainment and service channel. Politicians are therefore calling for a restriction to the public broadcasters’ digital and online offerings. In 2014, a working group of the federal states will submit a report on potential savings at the public broadcasters. This report will form a basis for a discussion about the public broadcasters’ functional mandate.
The increasing market penetration of convergent devices such as tablets and smartphones means that television is increasingly consumed via the internet and competes with new media services. Besindes, more and more international rivals are entering the German media market. However, US internet companies like Google and Facebook are not subject to the same regulations, for example, in relation to copyright law that applies to German companies or legal requirements for the protection of young people. At the same time, television is more strictly regulated in Germany compared to other types of media and is subject to numerous quantitative and qualitative restrictions. For example, time for German TV advertising is restricted to a maximum of twelve minutes per hour, while opportunities to place advertising in certain programs are limited. Moreover, private broadcasting is regulated by media concentration legislation and programming restrictions. To ensure plurality of opinion, SAT.1 is legally required to finance regional programs for a total of five broadcast areas and to broadcast these parallel to prime time. In accordance with the requirements of the Interstate Broadcasting Treaty, SAT.1 also funds formats produced independently by third-party companies and for the content of which the latter are responsible.
Against this backdrop, ProSiebenSat.1 believes that new media structures are required that create equal regulation criteria on the German market, ensure fair competition for all providers of audiovisual content and take account of the digitalization. The ProSiebenSat.1 Group therefore participates actively in various political discussions such as the “Media Policy Round Table” in Bavaria and the “Media Dialog” in Hamburg. The objective of these initiatives by representatives of internet and media policy in state and federal governments, leading German media and internet companies, and the public broadcasters is to analyze the problem together and formulate recommendations for a redesign of media structures. The communication will continue in 2014 in the working group of the federal government and states, which was arranged in the coalition agreement.
The number of TV households continues to grow, while increasing numbers of consumers in Germany are receiving their television signals via satellite and IPTV. In 2012, the number of households receiving TV programs via satellite rose to 17.6 million and was thus higher than the number of cable-TV households for the first time. An important growth driver of this shift is the increasing popularity of high-definition (HD) television. This is the finding of the study “German Entertainment and Media Outlook: 2013-2017” by PricewaterhouseCoopers (PwC). At the same time, growing numbers of people are willing to pay for attractive content. For example, the number of paying HD customers move to above a million for the first time in 2013, growth of 134 % year on year. In the second quarter of 2013, it was nearly 1.2 million.
Media consumption has grown steadily in recent years. People in Germany use media and media transmission channels for 594 minutes, i.e. nearly 10 hours, every day. Although a large number of media offerings are available to them, for years they have consistently spent around three quarters of their media-consumption time with three media types: TV, radio, and the internet. While radio use has declined considerably in recent years, television is maintaining its high level. Germans devote more than a third of their daily media time (205 minutes) to television. Private stations reach the most viewers with a market share of nearly 70 %. The internet — main driver of the increasing overall consumption time — is used for 115 minutes a day. Newspapers and magazines have been declining continuously for years and have now fallen to 28 minutes. In 2002, it was 41 minutes.
For most users today, digital media are a fixed part of their daily life. In nearly every household, one or more second-screen devices can already be found alongside the television, with a growing pervasion of tablets and smartphones in particular. The increase of internet consumption — according to the ARD/ZDF Online Study 2013 — has not yet resulted in major shifts in media usage time. However, the growing significance of the internet as a separate mass medium is making lasting changes to consumption behavior: Different media are frequently used in parallel. Among the young in particular, the simultaneous use of TV and the internet is already very widespread. At the same time, demand for multimedia offerings from a single source is increasing. TV sets that can connect to the internet, known as smart TVs, now make up the majority of new TV sets sold.
TV remains Germany’s most popular medium. For advertisers, television is not only very attractive for its reach and use time, but also for its high advertising impact. Investments in TV advertising are essential for the success of a brand and pay off equally in the short and long term. SevenOne Media demonstrated this in a joint study with GfK Fernsehforschung and the GfK Verein. The study evaluated the effects of TV advertising on all purchases in 30,000 German households over a whole year.