BCEoperating revenues were $6,005 million in Q2, down 1.0% compared to Q2 2023, due to an 8.7% decrease in product revenue to $697 million. Service revenue was essentially stable, up 0.1% to $5,308 million, as growth at Bell Media was mostly offset by a year-over-year decline at Bell Communication and Technology Services (Bell CTS). Bell Media operating revenue was up 0.9% to $812 million in Q2 2024 compared to Q2 2023, driven by 1.9% higher ad revenue, reflecting stronger year-over-year TV sports specialty performance, higher digital advertising revenue, the financial benefit from the acquisition of OUTEDGE Media Canada completed on June 7, Formula 1 Canadian Grand Prix growth, and higher international sales of Bell Media content. Digital revenues grew 23%, the result of strong growth in digital advertising fuelled by Bell Media’s programmatic advertising marketplace as well as continued Crave and sports direct-to-consumer streaming subscriber growth. Crave direct-to-consumer streaming subscribers grew 21%, while sports direct-to-consumer streaming subscribers more than doubled over last year, benefitting from live sports content including UEFA EURO 2024 and CONMEBOL Copa América 2024.
TVA Group reported its consolidated financial results for Q2 2024, including $143,951,000 in revenues, a $5,191,000 (3.7%) increase compared with the second quarter of 2023. TVA reported $7,624,000 in adjusted EBITDA in the Broadcasting segment, a $12,163,000 favourable variance mainly due to a favourable retroactive adjustment of royalty rates for the LCN channel, as well as cost savings that offset a decrease in ad revenues. The Film Production & Audiovisual Services (MELS) segment reported $5,425,000 in adjusted EBITDA, a $5,838,000 favourable variance due to a higher volume of soundstage and equipment rentals. $260,000 in negative adjusted EBITDA was recorded by the Production & Distribution segment, an $842,000 unfavourable variance mainly due to a decrease in gross margin for Incendo, offset by savings in admin expenses.
