BCE reported positive financial results for the second quarter.

Bell Media’s operating income increased 0.9% to $812 million in Q2 of 2024 compared to the second quarter of 2023. This was driven by a 1.9% increase in advertising revenue, due in part to a strong performance in specialty sports TV for the quarter, as well as the acquisition of OOH company Outedge Media Canada, which was completed in June.

The Canadian Grand Prix and higher international sales of Bell Media content also contributed to an increase in total media revenue in the quarter, according to the company. An average of 1.48 million people tuned in to watch the Grand Prix on TSN, RDS, CTV and Noovo, making it the highest F1 audience on record.

Bell Media’s digital revenues grew 23%, also as a result of advertising, as well as Crave and sports direct-to-consumer streaming subscriber growth.

Crave subscribers grew 21%, while sports subscribers doubled over last year, due to major events such as UEFA and Copa América. A total of 18.7 million people tuned into Bell’s sports coverage through TSN, RDS and CTV, according to the company.

Overall, BCE increased its earnings despite a drop in operating revenues.

Earnings attributable to shareholders increased 63% year-over-year to $537 million in the second quarter. Its operating revenue was $6.005 billion, down 1.0% compared to 2023. CEO Mirko Bibic attributed the decline to competition from rival mobile and Internet providers, as well as the closure of 107 outlets of The Source, which is wholly owned by Bell and is currently being rebranded as Best Buy Express.

Service revenue was up 0.1% to $5.308 million, as growth in Bell Media was offset primarily by a year-over-year decline in Bell Communication and Technology Services (Bell CTS).

“The superiority and speeds of our fibre network are continuing to drive new Internet subscriber growth, with our highest Q2 consumer retail Internet net additions in 17 years and an 18% year-over-year increase in households subscribing to Internet and mobility service bundles where we have fibre,” Bibic said.

“In the highly-competitive wireless environment, we’re striking the right balance between subscriber growth and profitability, and our promotional discipline is delivering new subscribers focused on higher-value connections.”