Nine Entertainment reported a 5% rise in revenue to $1.4 billion for the half year to December but sees television advertising slowing.
Net profit after tax fell 16% to a $190 million.
The company says market-leading revenue share in both free-to-air television and BVOD underpinned growth of 5% to $661.7 million in total television revenue.
Revenue at streaming content platform Stan grew 12% to $206.4 million.
The media company, like other players, expects the metro free-to-air television market to decline to the mid teens in percentage terms.
Trading update: "While a more uncertain operating environment has limited H2 visibility, Nine continues to outperform the broader market, from both an audience and revenue share perspective.
"While remaining disciplined around operating costs, we are confident in pursuing strategic and targeted investments that underpin growth of our business for the long term."
CEO Mike Sneesby: “We are really pleased with how Nine closed calendar 2022, with strong audience and share performance across all businesses, both subscription and advertising.
"Nine’s strategic focus on content investment has resulted in clear revenue share growth across all of our advertising mediums."
He says Nine started 2023 with "great momentum" against the backdrop of a softer general economic environment.
Nine's trading update: "In Television, Nine has started the year as the clear ratings leader across all key demographics, more than 13% points of share ahead of the next placed channel on a prime time, primary channel basis in our targeted 25-54s and around 7% points ahead on a Total People basis– Nine’s strongest start to the calendar year in OzTAM history.
"Reflecting this ratings performance, Nine believes it will continue to grow Total Television share in the current quarter.
"While the Metro FTA market is currently expected to decline in the mid teens (%) in Q3- with the absence of the Federal Election being a key impact- Nine is expecting to grow share with Q3 revenue declining in the high single digits (%).
- Metro FTA advertising market estimated to be down in the mid teens (%) in the March quarter.
- Nine’s Metro FTA ad revenue expected to be down in the high single digits (%).
- 9Now revenue expected to grow by around 20% in March quarter.
- Nine’s March quarter Total TV advertising revenue estimnated down low-mid single digits (%).
- Financial year Total TV costs expected to be up slightly less than previous guidance of 7%.
Numbers for the half year to December 2022:
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