Nine’s half yearly report shows digital revenue growth and radio industry leadership in streaming

Despite tough economic challenges, Nine Entertainment Chairman Peter Costello believes the company is well-positioned for the future, following the release of half-year results for the 6 months to 31 December, 2023.

Overall revenue dropped 2 per cent to $1.38 billion in the half.

Net profit was down 40 per cent to $113.8 million,

The group had net debt of $538.4 million, an increase of $15.2 million.

Nine says that while the metro linear radio advertising market declined 3.6% across the period, as reported by industry body Commercial Radio Australia (CRA), there was one key takeaway: Digital revenues have seen a 45% growth in Audio, with radio industry leadership in streaming audiences.

Nine’s broadcast division – which comprises its radio division including 2GB, 3AW and 4BC – was impacted by a fall in TV advertising demand, its revenue down 9 per cent in the December half.

This result is reflective of market trends.

Broadcast revenue decreased to $654.6 million and EBITDA decreased by 27% to $163.7 million, driven by weakness in the related advertising markets.

Nine Radio revenue of $52.5 million for the period represents a decline of 3% compared to the prior comparative period.

Costello says “I am very pleased with the way the company responded to the broader economic challenges in the second half of calendar 2023.”

“We have enhanced our competitive position. We are positioned well for the future. The breadth of our different businesses has proven its worth in these conditions.”

Nine CEO Mike Sneesby says this year, Nine will at the forefront of the world’s biggest sporting events, including the Paris Olympics.

“We will also deliver Australia’s best content, reaching around 20 million Australians each month, across television, publishing, audio and marketplaces.”