The Guardian Australia doubled profits in 2024
The Guardian Australia has managed to double its profits during an advertising downturn, proving the resilience of its mixed financial model.
GNM Australia Pty Ltd, the Australian subsidiary of Guardian News & Media, cleared a $1.27 million profit during FY24, more than double the $619,492 profit posted in FY23. The publication took $40 million in revenue, up 4.7%, from $37 million the prior year.
This is according to documents filed with ASIC, first reported by Campaign Brief.
“Newsroom investment continued, with a focus on areas including investigations, multimedia, Indigenous affairs and sport,” the company directors wrote in the report.
“The global rollout of a new, centralised, financial and HR system was a major focus of operations, and updates to the Guardian news app contributed to reader revenue growth.
“As of May 2024, we were the sixth highest-reaching news site in Australia.”
The Guardian Australia made just $16.1 million in advertising revenue, but gained $11.9 million from subscriptions, $8.2 million for donations from readers, and $2.3 million in philanthropy and grants.
The Guardian Australia uses pop-ups to solicit donations from readers.
And while wages are up year-on-year — to $23.3 million, from $21.6 million — that figure is set to rise again, as Guardian Australia journalists prepare to walk off the job if wages don’t increase.
“Our members at The Guardian don’t want to have to take action, and they remain hopeful that management will come back with a fair offer that ensures they can continue to sustainably do their jobs,” MEAA acting media director Michelle Rae said.
“In this current media landscape, management has a responsibility to address job security by improving redundancy provisions, giving freelancers a say on their pay rates, and ensuring that employees are offered career development opportunities.
“Job security is essential for journalists to do their important work, and keep the public informed.
“Staff have invested heavily in The Guardian; they’re now asking The Guardian to invest in them.”
This follows a successful five-day strike by Nine journalists in July, which resulted in pay rises, an agreement on the ethical use of AI in newsrooms, and “a way forward for freelancers to get a fair deal on pay and conditions”.
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Nathan Jolly is the Features Editor at Mumbrella. He joined the team in July, 2023.
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