News Corp posted record revenue of $US2.49 billion, up 7% for the March quarter as digital advertising revenue surged .
The global media group’s News Media segment (revenue up 5% globally and 2% in Australia) continued to benefit from a rebound in the advertising market, new content licensing revenue and a 15% rise in paid digital subscribers.
In Australia, Foxtel’s total paid streaming subscribers grew 62% with both BINGE and Kayo on about 1.2 million subscribers
CEO Robert Thomson said: “News Corp revenues and profitability set new records for the third quarter, building on the momentum of preceding record quarters.
“We have now achieved more in profitability through the first three quarters of fiscal 2022 — at over $US1.3 billion and rising 27% compared to the prior year — than in any entire fiscal year since our rebirth in 2013.
“We benefited from a surge in digital advertising revenue, including 21% growth at Dow Jones, and more than 15% growth in paid digital subscribers across our key markets.
“News Corp is a company transformed, more intensely digital and global, with strong growth in our core markets and much unrealized potential.
“Macroeconomic challenges affect all businesses, whether it be supply chain pressures or inflation. But our collective resilience, adaptability and creativity, already stress-tested by the pandemic, have contributed to record revenues and profits.”
In News Media, advertising revenue increased $20 million, or 9%, compared to the prior year, driven by growth in digital advertising across the businesses due to higher impressions, primarily at The Sun in the UK and the Australian mastheads.
Digital revenue represented 35% of News Media segment revenues in the quarter, compared to 30% in the prior year, and represented 32% of the combined revenues of the newspaper mastheads.
At the end of March, digital subscribers at News Corp Australia were 946,000 (876,000 for news mastheads), compared to 807,000 (760,000 for news mastheads) in the prior year.
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