Netgem, which powers TV services for partner ISPs, says it ended 2023 with more than 677,000 subscribers across Europe.
The firm’s set top boxes and services are used by around twenty fixed telecommunication operators in Europe, with its largest markets being the UK, France and Nordics.
In the UK, Netgem TV boxes provide users with broadcast channels from Freeview alongside a line-up of streamed channels plus a mix of free and paid streaming apps and cloud gaming.
The firm also revealed that it enjoyed revenues of €35.6m and a gross profit of €22M for the 2023 financial year. Recurring revenues for the period were €22.3 million, up 55% compared to the previous year and primarily due to subscriber growth.
The Eclair companies, which Netgem bought last year, contributed €2.5 million to revenues in the second half of the financial year, including €1.3 million in recurring revenues.
Mathias Hautefort, CEO of Netgem, said: “Our growth in 2024 is now driven by three key engines: our Media Services division, serving content publishers, our longstanding activity targeting telecom operators in France, and our international expansion, strengthened by our new products in the areas of cloud gaming and FAST channels.”