Revenue for the commercial free-to-air industry was reportedly down 8% in the first three months of the year.
The decline shows the industry was seeing drag on revenue even before the coronavirus pandemic hit advertising businesses.
Seven West Media made $186.6 million in advertising across the first quarter, according to ThinkTV data seen by The Sydney Morning Herald. This decreased the media company’s revenue share among FTA TV networks to 34.9%, down by 4.4% from last year.
Meanwhile, Nine had the largest sharewith $234.04 million in advertising revenue, while Ten had the smallest at $113.28 million over the same period.
All three media companies have been under further pressure since lockdowns began in the second half of March, with brands pulling ads over the restrictions.
To deal with falling revenue, Seven has asked staff to take 20% pay cuts, while Ten asked staff to work reduced hours.
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