RTL Group, Aspermont, Netflix: How to Turn Data Streams into Returns

RTL Group - Streaming Profitable for the First Time

After years of heavy investment, RTL's streaming division turned a profit for the first time in the first quarter of 2026. Paying subscribers grew by nearly 19% to 8.4 million, and streaming revenue climbed by 27% to EUR 141 million. Higher subscription prices in Germany and growing advertising revenue on the platforms are driving the business. For the full year, management is targeting an operating streaming profit of between EUR 25 million and EUR 50 million. This marks a significant turnaround from the EUR 47 million loss in the previous year.

The acquisition of Sky Deutschland is expected to be finalized on June 1, 2026. The European Commission gave the green light in April without any conditions. Combined, RTL would have around 12.3 million streaming subscribers in German-speaking regions and would position itself as the clear number three behind Netflix and Amazon. Pro forma revenues would be around EUR 8 billion, over 30% more than the group's previous revenue. The anticipated annual cost synergies are in the triple-digit millions.

In May, Clément Schwebig of Warner Bros. Discovery took over the CEO position from Thomas Rabe. The leadership change comes at a time when the group must manage the integration of Sky and consolidate its newly generated streaming profits. The outlook for 2026 projects an adjusted EBITA of around EUR 725 million, with TV advertising revenues expected to decline slightly. The dividend policy remains attractive at a minimum of 80% of adjusted net income. The decisive factor will be how quickly the Sky integration takes effect. The targeted billion-euro profit range depends on this. The stock is currently trading at EUR 29.65.

Aspermont – From Archives to AI

What sounds like a dusty 19th-century trade publisher turns out to be an increasingly digital subscription business with impressive metrics. Aspermont has consistently moved away from print solutions and now offers B2B intelligence for the global commodities sector. About two-thirds of revenue is recurring, and net revenue retention stands at an impressive 100%. More than 4,000 corporate customers in 150 countries pay for access. Aspermont's customers include more than a quarter of the Fortune 100 companies worldwide. Added to this is an average annual revenue growth per customer of 17% over 9 years. This combination creates a level of predictability that traditional media companies usually lack.

The strategic anchor for the future is the Mining IQ platform. Here, Aspermont combines nearly two centuries of proprietary archival knowledge with modern data processing and AI applications. Initial contracts, such as the one with Rio Tinto, worth approximately AUD 0.55 million, demonstrate that major clients are willing to pay for deeper analysis. The estimated global market for intelligence services exceeds USD 600 million, with only a few established providers. Currently, the platform is self-financed through the existing subscription business, without external capital pressure. New data products will launch in beta in 2026, with the first significant revenue expected in 2027. This is a patient, well-structured build-up.

GBC analysts see significantly more potential than the current status quo suggests. For the current year, they expect revenue to rise to just over AUD 17 million, and to over AUD 21 million by 2028. EBITDA is expected to turn slightly positive for the first time in 2026, before rising to just under AUD 3 million by 2028. Net results are expected to be in the black starting in 2027. The derived price target of AUD 5.00 reflects the conviction that the combination of a stable core subscription business and a new data platform will pay off in the medium term. The stock is currently trading at AUD 1.90, suggesting significant upside to the price target.

Netflix – The Transformation of a Streaming Giant

Netflix has changed more over the past two years than many investors are willing to admit. The company, which once defended the ad-free subscription model as its core brand value, has long relied on two pillars: traditional membership revenue and a rapidly growing advertising business. For 2026, the company is targeting around USD 3 billion in advertising revenue, a doubling within a year. In markets with the lower-priced ad-supported plan, this segment already accounts for over 60% of new sign-ups. The message to investors is: Those unwilling to pay higher prices will remain on board as ad-supported customers.

The failed Warner Bros. Discovery takeover unexpectedly netted Netflix USD 2.8 billion in termination fees. This amount massively inflated first-quarter earnings. Adjusted for this one-time item, earnings per share would have fallen from USD 1.23 to around USD 0.70. However, management made shrewd use of the cash inflow. The forecast for free cash flow was raised to USD 12.5 billion, and an additional USD 25 billion share buyback program signals confidence. For investors, this reveals a company that knows how to turn setbacks to its advantage.

With the acquisition of Ben Affleck's AI company InterPositive and the newly founded animation studio INKubator, Netflix is driving production efficiency. AI is expected to help create content more cost-effectively in the future. This lever could ease pressure on margins in the long term. At the same time, a generational shift is underway, as co-founder Reed Hastings is stepping down from the board of directors in June. Operational leadership has long been in the hands of Ted Sarandos and Greg Peters. This is no cause for concern for investors. The course has already been set, and the leadership duo is proven. Currently, a share costs USD 87.02.

The old media logic is fading, because only those who transform content into recurring, scalable cash flows and use data as a raw material can secure returns. Following the acquisition of Sky Deutschland, RTL Group is now poised to become the third-largest streaming provider, with its subscription business turning a profit for the first time. Aspermont is successfully transforming its centuries-old expertise into a high-growth B2B intelligence platform with 100% revenue retention, aided by AI. Netflix is driving a multi-billion-dollar share buyback program alongside advertising revenue and AI-powered production to signal confidence to investors despite one-time effects. One thing is certain: data is the new raw material.