Digital and TV expansion puts youth media brand Vice UK on track to make £100m turnover this year - Press Gazette

Digital and TV expansion puts youth media brand Vice UK on track to make £100m turnover this year

Vice UK, the youth media group, has said it is on track to reach turnover of £100m this year and operating profit of £18m.
The prediction is contained in the group accounts for 2014 which show rapid growth following the launch of the Vice News website last year, expansion across Europe and its move into TV production.
Vice lists its main business areas as website publishing, running the Vice Digital Network of third-party publishers (through which it sells advertising), creative services agency Virtue and the TV production arm it launched in 2014.
The group also runs a bar and music venue and continues to publish a free magazine. Overall its offering is targeted at the hard to reach 18 to 35 age group.
Earlier this month Vice News won digital innovation of the year at the British Journalism Awards in recognition of its focus on serious foreign news.
Turnover last year at Vice UK grew 30 per cent to £49.7m. It made an operation profit of £1.4m (compared with £4.4m in 2013. After tax it made a loss of just over £1m.
Revenue is said to be on track to reach £100m this year and has been boosted by the launch of the Vice News website as well as launches in Greece, Poland, Austria and Switzerland. 
New launces set to swell revenue in 2015 include Sports, Broadly and Amuse. 
Vice UK makes £21.6m of its turnover in the UK and £28m in Europe. It highest paid director earned £227,087 and received share options of just over £800,000. Out of 488 staff in 2014, 356 were said to work in content, 62 in sales and 70 in adminstration. It paid UK corporation tax of £56,616.
Earlier this week, Disney doubled its stake in US parent company Vice Media to 10 per cent in $200m deal that values the group at $4bn.



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Author: Dominic Ponsford

Dominic Ponsford is the editor of Press Gazette