SCA profits dive in ‘challenging advertising market conditions’
Southern Cross Austereo (SCA) enjoyed a sustainable increase in digital revenue for FY24, however group net profits were halved “amid an industry-wide downturn”.
Digital has proven the saviour to SCA’s overall revenues, which dipped 1% from FY23. Digital’s 43% growth helped to offset the 1.7% fall in broadcast radio revenues, and a 8.6% drop in TV.
Expenses rose 1.4%, while depreciation and amortisation increased 6.6% due to “accelerated LiSTNR depreciation”.
