That is the message in Schibsted’s annual report, published on Tuesday.
Schibsted Media was established as an independent media group in June 2024, following the divestment of the media business from Schibsted ASA – now known as Vend – and its acquisition by the Tinius Trust. Recently, the company reverted to its classic and concise name – Schibsted – after operating for nearly a year as Schibsted Media.
The annual financial report for 2024 covers the full year, including both the period before and after the split from today’s Vend. The figures are not directly comparable to previous years, as the media operations were part of a larger listed company until June last year.
Total operating revenues for 2024 came to NOK 7.5 billion, roughly on par with the year before. The operating result was negative NOK 40 million, reflecting continued pressure on profitability across the group. The annual result, however, was positive at NOK 127 million, driven by income outside of ordinary operations. The operating performance must be seen in light of a tough advertising market, declining print revenues, softer subscription growth for some brands, and costs related to the establishment of a new company.
“We knew 2024 would be a demanding year of transition, both operationally and financially. But we used it to lay a new foundation – with clearer direction, tighter control, and stronger digital positions to build on,” says CEO Siv Juvik Tveitnes.
Taking the next steps
In 2024, Schibsted implemented several initiatives to strengthen user revenues, including increased focus on personalization and deeper engagement with digital users. The company also made significant investments in technology, particularly in artificial intelligence – both in editorial workflows and in the development of more relevant, user-oriented services.
Efforts to adjust the cost base also continued throughout the year, including operational efficiencies and optimization of print and distribution costs. The group still benefited from cost programs initiated in earlier years. However, by the end of 2024, it became clear that more extensive measures were needed to ensure long-term financial sustainability.
“2024 was about gaining better oversight and control in our new reality as an independent company. We concluded that broader structural changes were needed – leading to the reorganization and workforce reduction we’ve carried out in recent months. It’s demanded a lot from many, but it was necessary given last year’s financial performance,” says Tveitnes.
“In 2025, our focus is on adapting and building. We aim to become clearer, faster, and more relevant – and we will take further steps toward becoming the leading media destination in the Nordics,” she adds.
