MTG buys Sweden’s second largest online community

The international entertainment-broadcasting group Modern Times Group (MTG) buys 90% of the Swedish youth community Playahead for SEK 102 million (11 million euro).

“Playahead is Sweden┬┤s second largest internet community, with over 530,000 members, and its Swedish operations generated more than 50% year on year revenue growth to SEK 18.2 (11.9) million for the nine months ended 30 September 2006.” […]

“Studies show that 12-24 year olds spend as much as a third of their media consuming time on the Internet, which is part of the reason why Internet advertising is forecast to deliver high double digit growth over the coming years in Scandinavia, and even higher levels of growth in the Eastern European markets. Scandinavia┬┤s high internet and broadband penetration levels provide the perfect environment for the proliferation of user-generated video and audio content, as well as a full range of live chat, email, streaming and blogs,” says a press release from MTG.

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