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LBG Media: Going Viral

A multi-brand, multi-channel digital entertainment business with a huge global audience

LON:LBG
GBp100.70-2.23%
Updated: May 02, 2025
Media & Entertainment

Bull & Bear Case

An overview of the main reasons to invest and the key risks involved.

Bull Case

Direct Advertising Revenue Growth

Repeat client spending, expanded campaign budgets, and deeper partnerships with major brands are driving higher-margin revenue.

U.S. Expansion Accelerates

Betches and LADbible cross-sell opportunities are enhancing revenue from the world’s largest advertising market.

Web Monetization & Diversification

AI-driven ad optimization and expanded revenue channels beyond social media are reducing reliance on Facebook.

Bear Case

Platform Algorithm Changes

Revenue from Facebook and YouTube monetization is subject to algorithm updates and ad policy shifts.

Execution Risks in U.S. Expansion

The U.S. market is highly competitive, requiring strong execution to establish a dominant footprint.

Macroeconomic Advertising Slowdowns

Digital advertising spend could face short-term cyclical pressures, affecting brand budgets.

Executive Summary

A Next-Generation Digital Media Company

LBG Media is a next-generation digital media company specializing in youth-focused content, distributed through social media, owned websites, and brand partnerships. The company owns iconic digital brands such as LADbible, UNILAD, Betches, SPORTbible, and GAMINGbible, boasting a global audience of over 500 million people. With strong engagement across Gen Z and Millennials, LBG Media has built an advertising powerhouse, working directly with blue-chip brands such as Google, Uber Eats, Vodafone, and L’Oreal.


With a clear path to £200 million in revenue, LBG Media is scaling rapidly, leveraging its unique audience reach, proprietary content technology, and growing advertiser relationships.

Investment Thesis

Overview of buy and sell case of the business.

Why Invest?

Key pieces of information about the business that you need to know about.

Direct Advertising Revenue & Deep Client Relationships

LBG Media’s direct revenue segment, which now accounts for 51% of total revenue, has grown by 39% YoY. The company has established deep relationships with global brands, as demonstrated by its 74% repeat client rate and blue-chip partnerships with Google, Visa, and Sky. Increased direct revenue boosts margins and reduces dependency on platform-based ad models. The continued expansion of high-value campaigns and deepened relationships with existing advertisers contribute to long-term revenue stability.

U.S. Expansion: Entering an $800 Billion Advertising Market

LBG Media’s acquisition of Betches, a leading U.S. digital brand targeting Millennial and Gen Z women, has opened significant opportunities in the largest ad market globally. U.S. operations now account for 143 million of LBG’s total 503 million audience, and U.S. direct revenue has hit £8 million. With advertisers in the U.S. prioritizing digital content to reach younger demographics, LBG Media is well-positioned to capture a larger share of premium ad spending. Cross-selling opportunities between Betches and LADbible are fueling strong revenue growth, and further investments in local sales teams are expected to accelerate traction.

Diversification & Web Monetization Success

LBG Media has significantly diversified revenue streams beyond Facebook dependency, with web revenues growing 77% YoY and now comprising 45% of total indirect revenue. AI-driven ad optimization and an improved tech stack have driven session yield growth of 67%. With innovations in programmatic ad optimization and session-based ad pricing, LBG is maximizing revenue per visitor while improving user experience. The company is also exploring Connected TV (CTV) and fast channels as additional revenue streams, further insulating its growth from social platform volatility.

Catalysts

The key events that could drive investment opportunities and shift markets.

Long term
  • Line of Sight to £200M Revenue – Continued audience growth, expansion of premium advertising clients, and further integration of data-driven marketing solutions to attract higher-yielding advertisers. Increased focus on international expansion and regional content diversification will contribute to sustained revenue growth.

  • Strategic M&A Opportunities – Acquiring niche digital publishers, leveraging audience expansion opportunities, and integrating new audience verticals into the ecosystem to drive further monetization. Continued consolidation within the digital media space presents opportunities for LBG Media to scale efficiently.

Near term
  • Stronger Direct Ad Revenue – Increased spending from Google, Uber Eats, and Vodafone, leveraging high-engagement branded content formats and strategic partnerships. Expansion of larger ad deals with blue-chip advertisers will drive revenue growth.

  • Web Monetization Optimization – AI-powered yield improvements, increased session engagement, and further development of proprietary ad tech to enhance revenue per visitor. Strengthening programmatic advertising infrastructure and personalized ad targeting will further boost monetization.

Medium term
  • Accelerated U.S. Expansion – Further brand collaborations, expanded advertiser relationships, and increased ad inventory on U.S.-based content platforms drive revenue growth. Additional investments in local content creators and U.S.-based media partnerships will enhance audience engagement.

  • CTV & New Digital Channels – Expansion into Connected TV advertising and testing fast channels as additional monetization channels, tapping into the growing digital streaming ad market. Continued investment in video content optimization for premium ad placements will be a key driver.

Key Risks

Key pieces of information about the business risks that you need to know about.

Facebook & Social Platform Volatility

While Facebook’s revenue contribution has declined from 37% at IPO to 23% today, changes in monetization models (e.g., Facebook’s shift toward short-form content) can still impact indirect revenues. However, LBG Media is actively reducing this risk by expanding web and direct revenue streams, optimizing YouTube monetization, and increasing reliance on first-party data.

Scaling Challenges in the U.S. Market

The Betches acquisition provides a strong foothold, but the U.S. digital media landscape is highly competitive. LBG must effectively scale operations, build local advertiser relationships, and compete against entrenched players like Buzzfeed and Barstool Sports. Success in the U.S. will depend on establishing a unique value proposition and executing targeted content strategies.

Economic Sensitivity & Ad Budget Cyclicality

Brand marketing budgets fluctuate with macroeconomic conditions, and ad spend could decline in economic downturns. However, LBG Media’s focus on performance-driven marketing and data-driven campaigns helps mitigate cyclicality. By offering advertisers ROI-focused digital campaigns that align with evolving consumer behaviors, LBG remains a critical part of corporate marketing strategies.

Follow the Experts

Quickly navigate key insights from industry experts and leverage their knowledge and market intelligence.

Ampere Analysis profile

Ampere Analysis

Ampere is a market-leading data, research and analytics firm, specialising in media, content, communications, games and sport.

8.5k audience

Expert Insights

article
“2025 Global Streaming Content Spend to Top Broadcast at $95 Billion”
Nic Newman profile

Nic Newman

Senior Research Associate at Reuters Institute for the Study of Journalism

19l audience

Expert Insights

article
“mainstream media are significantly challenged by a range of so-called online influencers, creators, and assorted personalities, as well as smaller, alternative news outlets and ordinary people.”
Jessica Pok, CFA profile

Jessica Pok, CFA

Peel Hunt Media analyst

1k audience

Expert Insights

article
"We believe the company [LBG Media] will be in good hands during the [CFO] transition and is well-positioned to continue its positive trading momentum.”

Investor Materials

Access the most recent investor updates published by the company.

Key Investor Materials

External Insights

A curated collection of third-party content relevant to the company and sector to help inform your investment decision.

LadBible

Ladbible CEO on how brand will reach £200m revenue

Article

Ladbible owner LBG Media has hailed a "transformational year" for revenue diversification and US expansion.

Global Media

PWC: Global Entertainment & Media Outlook 2024–2028

Article

The latest forecasts and trends in the entertainment and media industry reveal new growth opportunities in advertising, streaming and emerging markets.

Team

Meet the experienced professionals leading our organization

Carole Kane - undefined

Carole Kane

Alex Jarvis - undefined

Alex Jarvis

What the Pro's Are Asking

Here are the questions that professional investors are asking before making an investment decision.

How Sustainable is Direct Ad Revenue Growth?

Direct advertising is higher-margin and growing at 39% YoY, but long-term sustainability depends on deepening relationships with premium advertisers, expanding into higher-value campaign formats, and continually proving strong ROI to brand partners. LBG is investing in bespoke branded content solutions, proprietary audience insights, and creative studio capabilities to enhance brand partnerships. Additionally, the company is developing measurement and attribution tools to help advertisers assess the effectiveness of campaigns, which will be key to increasing ad spend and securing long-term contracts. As digital advertising trends shift, LBG must adapt to emerging ad formats such as interactive video, augmented reality, and in-platform commerce integrations to maintain momentum.

How Will U.S. Growth Be Achieved?

U.S. operations contribute £8M in direct revenue, but expansion is critical to LBG’s next phase of growth. The company is investing heavily in local sales teams, developing region-specific content strategies, and leveraging cross-brand collaborations between Betches and LADbible to attract major U.S. advertisers. A core strategy involves expanding relationships with Fortune 500 brands, increasing the number of six-figure ad deals, and securing multi-year partnerships. Additionally, LBG is exploring U.S. media partnerships, influencer collaborations, and leveraging first-party data to enhance ad targeting. Success in the U.S. requires balancing aggressive expansion with disciplined cost control, ensuring that investments translate into scalable, profitable growth.

Can Web Monetization Maintain High Growth?

Session yields have increased by 67% YoY, but sustaining this growth requires ongoing AI-driven ad targeting, content vertical expansion, and premium programmatic advertising strategies. LBG is investing in SEO-optimized content, expanding exclusive web-based video content, and optimizing dynamic ad placements to increase ad revenue per session. The company’s investments in machine learning for audience segmentation and behavior prediction will further refine ad targeting and increase monetization efficiency. Additionally, strategic partnerships with high-value programmatic ad networks and native advertising platforms are expected to contribute to long-term revenue scalability. To mitigate potential revenue plateaus, LBG is diversifying its content formats by exploring long-form articles, interactive media, and AI-personalized user experiences to enhance audience retention and engagement.

How is LBG Reducing Facebook Reliance?

Facebook was 37% of revenue at IPO, now just 23%, but LBG continues to diversify aggressively. The company is scaling its investments in YouTube monetization, CTV (Connected TV) ad inventory, programmatic web advertising, and direct-to-brand sales strategies to reduce reliance on any single platform. LBG’s owned-and-operated websites are a growing revenue stream, and new ad-serving technologies will further drive monetization beyond social platforms. Additionally, strategic content partnerships with Snapchat, TikTok, and other emerging platforms are being developed to ensure a diversified revenue portfolio. As social media algorithms change, LBG is positioning itself as an adaptive, platform-agnostic content leader, leveraging its deep audience insights to maintain engagement across multiple channels.

Will LBG Expand into New Markets or M&A?

LBG has an active M&A pipeline and a cash balance of £30.5M, allowing for selective acquisitions of high-growth digital brands. The focus is on acquiring niche digital publishers, regional content leaders, and high-engagement verticals that enhance audience monetization potential. Potential expansion markets include Western Europe, Australia, and high-growth emerging markets where digital ad spending is accelerating. LBG is particularly interested in acquiring brands with strong Gen Z and Millennial engagement, enabling further growth in audience and advertiser relationships. Beyond acquisitions, LBG is exploring joint ventures and strategic partnerships with media and tech companies to expand distribution, improve content syndication, and drive new ad formats. M&A remains a core pillar of long-term expansion, with careful selection of assets that align with LBG’s scalability and high-margin growth strategy.