Investment Case


LBG Media is a global digital entertainment business with a focus on young adults and our mission is to give the young adult generation a voice by building communities that laugh, think and act. We operate in the largest and fastest growing sector of the advertising market and our digital media capabilities across our core routes to market, along with our rapidly expanding global audience and reach, are unmatched. We have a growing collection of 15 brands, with deeprooted levels of recognition, and it is through these brands that we generate market-leading levels of user engagement.

The combination of;

  • a rapidly expanding digital advertising market;
  • our focused expansion in the US;
  • unparalleled levels of engagement and insight; and
  • a highly diversified revenue model and strong levels of cash generation;

place LBG Media in an extremely strong position as we continue to build our entertainment powerhouse for young adults.


expanding digital advertising market

LBG Media operates within the digital advertising market, which was worth over $617bn in 2023 out of a total market size of $889bn. Digital represented around a third of the total advertising market when the business was founded, and it now represents around 70% of advertising spend worldwide and is continuing to grow. Digital is the fastest growing segment within the advertising market and whilst the broader market grew at around 5.8% in 2023, digital grew at 9.2%1.

More information can be found in the Market Overview section of the 2023 Annual Report.


and US expansion

In October 2023, the Group completed the acquisition of Betches Media, LLC (‘Betches’). This marked a significant milestone and step forward for the Group, materially expanding our reach and footprint in the US, the world’s largest advertising market. With Betches’ focus on millennial and Gen Z female audiences it is a highly complementary business. The combination provides the foundation from which we can build our market share in the US, where the opportunity is substantial. More information on the acquisition can be found in the 2023 Annual Report.


levels of engagement and insight

We have consistently delivered significant multiplatform audience growth, establishing ourselves as one of the largest publishers for young adults in the world. In 2023, our global audience grew by 24% to 452m, and our video views grew by 31% to 128bn, which is fifteen times the global population. We are the most viewed and engaged publisher of all time on Facebook, with famous brands loved by young adults. Our real-time insights enable us to continuously tailor our content across all our channels to ensure it is relevant and highly engaging to our audience.


diversified revenue model and strong cash generation

We have a highly diversified revenue model across our Direct and Indirect routes to market.

Direct revenue is where we have a direct relationship with the advertiser. This accounted for 43% of revenue in 2023 and involves LBG Media creating bespoke, original content for branded partners who want to reach our substantial audience of young adults. We continue to build deeper relationships with significant blue-chip brands and advertisers, and in doing so, continue to take market share from the likes of TV, radio and print advertising.



Our revenue model is balanced across our Direct (41% in 2021) and Indirect divisions (55% in 2021), with Other revenue streams relating to the licencing of our content to third parties and social agency services (4% in 2021).

Our Direct revenue is currently concentrated in the UK, Australia and Ireland and therefore there is significant opportunity in other international markets (including US) where we already have large audiences.

Indirect is where we have an indirect relationship with the advertiser. This accounted for 55% of revenue in 2023 and is where revenue is generated via a third party, such as a social media platform, or via a programmatic advertising partner. Platform algorithms deliver adverts for brands, alongside appropriate content, to reach the desired audience and revenue is then shared between the platform and publisher.

In the case of both revenue channels, our audience and reach put us in an extremely strong position and the diversity provides stability and multiple opportunities for future growth.

Our asset light business model is highly scalable and highly cash generative. In 2023, our cash conversion rate was 76%. High levels of cash generation provide the Group with the ability to reinvest for organic growth and deploy for the purposes of M&A, which is one of our key strategic objectives. Further information on our strategic objectives can be found in the 2023 Annual Report.

Latest Investor News

23 May

Share Price


Important Dates

23 May
Annual General Meeting