The 2024 annual financial statements for VG, VGTV, E24, Aftenposten, Bergens Tidende, Stavanger Aftenblad and Podme Norway are now ready.
“Several of our companies have shown positive development in a demanding market – with strong journalism, increased digital revenues, and improved financial results. It’s inspiring to see how the organisations have navigated tough priorities while continuing to develop products, user relationships, innovative solutions, and editorial initiatives,” says Schibsted CEO Siv Juvik Tveitnes.
Below is a financial summary for each company, along with some non-financial highlights. Full annual reports will be made available through the Brønnøysund Register Centre shortly.
“There’s still some way to go before everyone is where they want to be, but the development in several companies shows that it’s possible to combine financial discipline with clear strategic initiatives. That’s absolutely essential to create a sustainable foundation for continuing to deliver high-quality, independent journalism and long-term growth,” says Tveitnes, adding that the cost reduction program launched across the media division in 2022 continued to deliver impact throughout 2024.
VG
| Verdens Gang AS | ||||
| MNOK | 2024 | 2023 | Change (%) | Change (kr) |
| Revenue | 1 906 | 1 946 | −2,1% | −40 |
| Operating profit | 6 | −1 | 656,7% | 7 |
| Profit before tax | 18 | 5 | 235,8% | 13 |
| Net profit | 17 | −14 | 224,8% | 31 |
The media house VG reported an operating profit of NOK 6 million in 2024, up from minus NOK 1 million the previous year. Revenues fell by 2.1 percent, mainly due to a decline in single-copy sales and a challenging advertising market. At the same time, VG+ showed positive development and reached a new high in digital subscribers in October, largely driven by several VGTV series targeting younger audiences. Traffic remained strong, particularly through the summer and autumn. Affiliate revenue also showed steady growth throughout the year.
On the cost side, VG implemented significant reductions in the print value chain and staffing. The company reinforced its position as Norway’s leading digital news destination and continued to invest in technological development and forward-looking products.
“VG delivered both leading journalism and strong digital development in 2024. That the company managed to turn a profit while continuing to grow its subscriber base is clear evidence that their measures are working. VG demonstrates how cost discipline, innovation, and impactful content go hand in hand,” says Tveitnes.
VGTV
| VGTV AS | ||||
| MNOK | 2024 | 2023 | Change (%) | Change (kr) |
| Revenue | 124,5 | 120,6 | 3,2% | 3,9 |
| Operating profit | 1,6 | 3,2 | −51,4% | −1,7 |
| Profit before tax | 2,5 | 6,2 | −59,0% | −3,7 |
| Net profit | 2,0 | 4,8 | −57,9% | −2,8 |
VGTV reported an operating profit of NOK 1.6 million in 2024, down from NOK 3.2 million the previous year. Revenues increased by 3.2 percent, driven by higher production activity in both TV and podcasts. The company delivers content to other entities within the group, and its performance should be viewed in light of the group’s overall value creation.
In 2024, VGTV delivered several award-winning and popular productions, including “Ikke lov å le på hytta,” the documentary “Ibelin,” and the series “FunkyxVegard.” Overall, VGTV played a key role in strengthening VG’s brand and increasing paid subscriptions.
“VGTV is a key component of VG’s overall video strategy, delivering content that resonates with users and subscribers alike – and winning awards. They show how humor, documentaries, and young talent can elevate the entire media house. In 2024, VGTV also drove much of the growth in VG+ and strengthened VG’s appeal among younger audiences,” says Tveitnes.
E24
| E24 Dine Penger AS | ||||
| MNOK | 2024 | 2023 | Change (%) | Change (kr) |
| Revenue | 142,6 | 145,2 | −1,8% | −2,6 |
| Operating profit | −14,6 | −23,5 | 38,1% | 9,0 |
| Profit before tax | −13,0 | −22,5 | 42,2% | 9,5 |
| Net profit | −10,2 | −17,6 | 42,3% | 7,5 |
E24 posted a negative operating result of NOK 14.6 million in 2024, but improved its performance by over NOK 9 million from the previous year. Revenues fell by 1.8 percent, mainly due to declining ad revenues in a challenging market. Subscription revenues increased in line with expectations. Significant cost reductions were also implemented.
With an extensive focus on breaking news coverage of the turbulent economic climate and several agenda-setting investigations, E24 solidified its position as Norway’s largest business news outlet in terms of traffic. The company maintains its target of reaching profitability – and is on a clear path towards it – while continuing to deliver journalism with strong societal impact.
“E24 made significant editorial progress and achieved broad reach last year. Their ability to simultaneously improve financial results through targeted cost control shows a strong determination to build a solid foundation for future growth,” says Tveitnes.
Aftenposten
| Aftenposten AS | ||||
| MNOK | 2024 | 2023 | Change (%) | Change (kr) |
| Revenue | 1 346,5 | 1 380,9 | −2,5% | −34,4 |
| Operating profit | 140,1 | 122,5 | 14,4% | 17,6 |
| Profit before tax | 174,6 | 148,6 | 17,5% | 26,0 |
| Net profit | 138,4 | 115,7 | 19,6% | 22,7 |
Aftenposten delivered an operating profit of NOK 140.1 million in 2024, up 14.4 percent from the previous year – despite a 2.5 percent drop in revenue. The decline was mainly due to falling print revenues, while digital subscription income increased by 2.6 percent. Costs were reduced by 4.1 percent, partly due to more efficient print operations and format changes in several products.
Throughout 2024, Aftenposten continued its strategic focus on breaking news, audience targeting, and personalization – aiming to drive digital growth and long-term relevance. The newsroom also updated its editorial strategy to expand nationally and hold both traditional institutions and influential new actors to account.
“Aftenposten has delivered strong profitability in a market marked by structural changes. It is impressive to see how they are also innovating journalistically and working strategically to reach younger audiences. ‘Vink’ is a great example of an editorial initiative that builds new relevance and increases Aftenposten’s visibility among young readers. That’s essential to secure future relevance and trust,” says Tveitnes.
Bergens Tidende
| Bergens Tidende AS | ||||
| MNOK | 2024 | 2023 | Change (%) | Change (kr) |
| Revenue | 455,9 | 470,4 | −3,1% | −14,5 |
| Operating profit | 12,2 | 14,2 | −13,7% | −2,0 |
| Profit before tax | 26,5 | 24,2 | 9,6% | 2,3 |
| Net profit | 21,8 | 18,6 | 17,1% | 3,2 |
Bergens Tidende delivered an operating profit of NOK 12.2 million in 2024, down 13.7 percent from the previous year. Revenues declined by 3.1 percent, primarily due to lower print advertising income. Digital subscription revenues increased by 5 percent. Operating costs were reduced by 2.7 percent, including reductions related to the printing and distribution of the print edition.
BT recently received a SKUP diploma for the investigative story What No One Was Supposed to Know About the Helicopter Preparedness, published in autumn 2024. For the second year in a row, the media house also won MBL’s innovation award “Newcomer of the Year” – this time for its groundbreaking work with sensor journalism, which gave the newsroom a unique advantage in covering the helicopter crash in Sotra.
“Bergens Tidende has become a frequent award-winner in the Norwegian media landscape. Winning MBL’s innovation prize two years in a row and consistently being recognized at SKUP says a lot about their journalistic quality – but also about their ability to innovate and prioritize wisely. When combined with solid financial management in a tough market, BT is a model for how journalism and innovation can go hand in hand,” says Tveitnes.
Stavanger Aftenblad
| Stavanger Aftenblad AS | ||||
| MNOK | 2024 | 2023 | Change (%) | Change (kr) |
| Revenue | 349,8 | 360,2 | −2,9% | −10,4 |
| Operating profit | 4,4 | 14,5 | −69,6% | −10,1 |
| Profit before tax | 13,6 | 23,9 | −43,2% | −10,3 |
| Net profit | 11,1 | 18,5 | −39,9% | −7,4 |
Stavanger Aftenblad delivered an operating profit of NOK 4.4 million in 2024, down from NOK 14.5 million the year before. The decline in results reflects a 2.9 percent drop in overall revenue and stable costs. The downturn was primarily due to lower print advertising in a challenging ad market, while digital subscription revenues grew by 10 percent and helped mitigate the fall. Efficiency measures in the print value chain also helped offset some of the effects of wage and price inflation.
At this year’s MBL Media Awards, Stavanger Aftenblad was named “Media House of the Year” for 2024. The jury highlighted its journalistic quality, digital development and strong operational performance – making the company a complete regional news organization in a difficult year for the industry.
”Stavanger Aftenblad has executed an impressive turnaround in recent years. With strong journalism, solid digital growth and clear editorial priorities, they’ve carved out a more prominent position both in Rogaland and nationally. Being named Media House of the Year is well deserved – and proof of what great teamwork and clear direction can achieve,” says Tveitnes.
Podme
| Podme AS | ||||
| MNOK | 2024 | 2023 | Change (%) | Change (kr) |
| Revenue | 119,5* | 91,1 | 31,1% | 28,4 |
| Operating profit | −21,0* | −41,9 | 49,8% | 20,8 |
| Profit before tax | −23,3* | −44,6 | 47,8% | 21,3 |
| Net profit | −18,2* | −34,8 | 47,8% | 16,7 |
The figures for Podme AS in 2024 are preliminary and subject to adjustments.
Podme AS is the Norwegian entity within Podme, which also operates in Sweden and Finland. The company increased its operating revenue by 31 percent in 2024, driven by strong subscription growth. The subscriber base grew by 26 percent over the course of the year, and the Podme Group (which includes Sweden, Norway, and Finland) surpassed 350,000 paying subscribers across the Nordic markets.
Profitability remains negative, but the operating result improved by nearly 50 percent compared to the previous year. Podme is still in a growth phase, and the result is in line with the planned development. In 2024, Podme strengthened its content strategy, expanded partnerships with creators, and launched several exclusive podcasts. The company also invested in marketing and product development and is now showing a clear shift toward more sustainable operations. Subscription income remains the core of the business model.
“Podme continues to grow in a market characterized by fierce competition and high expectations. They’ve established themselves as an ambitious and clearly positioned player in the Nordic audio market. Their ability to grow both revenue and profitability while also building closer ties with our media houses is a strong signal that the strategy is working. This is an investment in the future – for both Schibsted and our users,” says Tveitnes.
