Michael Stephenson.
The total audio advertising market is expected to be broadly flat this financial year, according to ARN Media CEO Michael Stephenson.
Global uncertainty, geo-political issues and inflationary pressure have impacted advertising markets, he said.
Low to mid single digit declines in radio markets will be broadly offset by the growth in digital revenues.
The company’s second half performance will be stronger than the first “as we cycle over the impact of transformation, brand safety concerns and impact of the federal election in April of last year".
The company is focused on cutting $55 million of costs by next financial year and finalising the divestment of the Cody HK business.
“Throughout the year we have had an unrelenting focus on disciplined cost and capital management,” Stephenson told the AGM.
“We have simplified the organisational structure, improved systems and processes and implemented new ways of working to create a more efficient operating model.
“We have developed a clear digital strategy, made an investment in digital capability, extended our iHeart relationship and built a next generation data infrastructure to drive long term revenue growth.”
ARN Media reported revenue down 10% to $285 million in the year to December, impacted by a challenging market and changing advertiser expectations.
The company has reset its strategy to position ARN as an entertainment business with digital and radio at its core.
A slide from the ARN AGM:
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