Bell Media’s Crave has reached 3.64 million subscribers with an 18% year-over-year (YOY) increase, Bell Canada Enterprises (BCE) revealed in its Q4 2024 report.

The uptick is attributed to a 51% increase in Crave direct-to-consumer (DTC) subscribers — those who subscribe directly to Crave and not through a third-party or TV/mobile provider — while sports DTC streaming subscribers increased by 66% YOY.

The company also stated in a release that Q4 2024 was the most-watched quarter in Crave history for hours viewed and the most-watched year in Crave history for hours viewed. Crave was added to Prime Video Channels in February 2024.

Bell Media saw a third consecutive quarter of revenue and adjusted EBITDA growth in Q4 2024, up 1.2% to $832 million and 14.2% to $169 million, respectively.

The EBITDA growth was due to higher operating revenue, as well as a 1.6% decline in operating costs, lower content costs and BCE’s restructuring initiatives in 2024. Full-year results saw a 1.1% revenue growth to $3.15 million. Full-year adjusted EBITDA stood at $758 million, reflecting an 8.8% growth.

Bell Media’s advertising revenue was up 0.4% in Q4, and 2.8% for the full-year. Subscriber revenues increased 2%, but full-year results saw a 1.1% decrease. BCE EVP and CFO Curtis Millen partially attributed the ad revenue uptick to Bell Media’s $410 million Outedge Media acquisition during an earnings call.

Digital revenues increased 6% in the quarter and 19% in fiscal 2024. According to a release, digital revenues now exceed $1.3 billion, or 42%, of total Bell Media revenue. This figure is an increase from 35% in fiscal 2023.

“Bell Media, and particularly the digital pivot, is a key strategic growth vector for us,” said Millen.

Millen said the company expects higher revenue from Bell Media, reflecting continued digital revenue growth and Crave DTC streaming growth. He said the Outedge Media acquisition is “expected to outpace declines in traditional media and favourable retroactive subscriber revenue adjustments in 2024.”

BCE said in its 2025 outlook that it anticipates higher year-over-year content costs.

The company’s 2025 revenue outlook is set between -3% to 1% and adjusted EBITDA growth to -2% to 2%. This excludes the pending $5 billion Ziply Fiber acquisition, which is expected to close in the second half of 2025. Going into 2025, BCE has $4.5 billion in liquidity.

Image courtesy of Bell Media