RTL+ hits 7M subscribers as RTL Group faces market doubts and leadership shift
RTL Group has achieved a significant milestone with its streaming service, RTL+, now serving over seven million paying subscribers. This growth comes as the company reports a near 30% increase in streaming revenue for the first half of 2025. Meanwhile, leadership changes and market challenges are shaping the media giant's future.
The company's strong performance in streaming contrasts with broader financial concerns. JPMorgan recently downgraded RTL Group from Neutral to Underweight, lowering its price target to €34. Analysts point to the company's valuation, currently at nine times its estimated 2026 net operating profit after tax (NOPAT)—higher than the industry average of seven times.
A major strategic move—the proposed acquisition of Sky Deutschland—also carries risks. The deal faces hurdles, including profitability questions and fierce competition in Germany's pay-TV sector.
Leadership will soon shift as Clément Schwebig prepares to take over from Thomas Rabe in May 2026. Schwebig brings deep experience in linear TV, streaming, and content production, having worked across international markets. His appointment signals a push to accelerate RTL Group's digital transformation and expand its content creation efforts.
RTL Group's streaming success continues, with RTL+ hitting seven million subscribers and revenue climbing. Yet, the company must navigate market scepticism, a high valuation, and the challenges of integrating Sky Deutschland. The incoming CEO's focus on digital growth will likely play a key role in shaping its next phase.
