Vice Europe's ambitious expansion plans beginning to pay off
Vice’s ambitious expansion strategy into Europe is now paying off as the company announces it will double its revenues to £100m this year thanks to the success of Vice News and its TV strategy.
In its latest financial filings – which report on 2014 but also give a snapshot of performance this year – Vice UK reported that it is now beginning to benefit from the aggressive investment strategy designed to cement its place in Europe.
Vice’s European operations are expected to deliver the first significant profits this year of around £18m after its investors, which include Rupert Murdoch’s 21st Century Fox, Sir Martin Sorrell’s WPP and Walt Disney, lost £1m last year.
The investment has helped the US-based news outlet keep pace with its bold expansion plans by allowing it to increase staff numbers by over 30 per cent and create programming with TV shows airing in UK, Germany, France, Italy and Denmark.
The momentum will help it agree deals with a number of UK and European partners to launch channels in the next 12 to 18 months, similar to cable TV network deal it has secured in the US for its Viceland channel.
Vice also revealed the launch of a new parent group for its European operation, Vice Europe Holding Ltd, which is incorporated in Jersey and has been created to “restructure the European operations”.