Nine misses out on a medal this financial year
Nine has weathered a troubling 12 months from a cultural standpoint, and the company now can’t present a healthy budget to appease shareholders as earnings, revenues, and net profit tumbles.
Group earnings before tax were down 12% for the year, to $517 million, with net profits down 28%, to $262.1 million.
Revenue also fell by 3%, to $2.62 billion.
Breaking things down into divisions doesn’t make the results any cheerier.
Domain is the only bright spot, with total earnings up by 26%, to $137.1 million, and revenue up 13%, to $391.1 million.
Nine Publishing, which covers the mastheads and Drive, saw total revenue drop by 3%, and earnings down by 7%, while Total Audio, which includes their podcasts and 3AW and 2GB, saw total revenue drop 3%, and earnings slashed by 33%.
While Stan earnings jumped 24%, with paying subscribers now sitting at 2.3 million — no doubt buoyed by the Olympics — total TV saw revenue drop 10%, with the Nine Network’s 12% drop arrested by Stan’s strong performance.
TV earnings plummeted 32%, while costs rose just 2%.
Not surprisingly, Nine executives put a positive spin on the results, with a lot of Olympic talk.
Chair Catherine West said: “Nine has continued to perform well in a challenging market, remaining focused on delivering the best content to all Australians across multiple platforms.
“This performance reflects the focus and commitment of our people, who have worked hard through challenging times to further strengthen our competitive position. We have begun 2025 on a positive note, with a strong performance from an incredible Paris Olympics.”
Mike Sneesby, current CEO of Nine, said: “In a year of challenging economic and advertising market conditions, there were some clear positives in this result.
“We have seen growth in our Total Television audiences this year as we have continued to invest in our content, standing us in good stead as we approach agency negotiations for CY25.”
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Nathan Jolly is the Features Editor at Mumbrella. He joined the team in July, 2023.
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What a dreadful piece of journalism. Talk about biased with a mean edge. couldn’t you just state the facts without insinuations and assumptions?
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Did you mention that the Nine mob were reported as owin over half a BILLION dollars ? That seems a lot.
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Just reboot Spellbinder and watch the profits soar.
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