Nova Entertainment target further growth
Following on from yesterday's announcement that dmg Radio Australia has changed its name to Nova Entertainment, CEO Cathy O'Connor has spoken about their growth and what the network are targeting in the future.
She says Nova Entertainment is targeting a 25% jump in operating earnings by 2015, driven by strong organic growth. It is believed they are on track to post EBITDA of $50m-$60m next year. This compared to EBITDA of $40m for the 12 months ending September 2013.
O'Connor says: "There's still a lot of organic growth in radio for us, particularly with Smooth, which is only two years old. Equally, the Nova margins and revenue and profits are building. The radio market continues to grow so if we can keep driving our share that's good for us."
Talking about the name change she said: "It defines four years of hard work, makes a statement about what we've become, and it's an opportunity to tell the story."
The network are looking to tell that story with a sizeable investment in marketing to continue building awareness of their main stations – Nova and smoothfm.
Nova Entertainment also says that it can make 25% of its revenues from licensing agreements and partnerships beyond radio – such as Rdio, Coles Radio, smooth on Foxtel, and the ShopperNova app.
Read more in The Australian.