Seven West Media posted a 4% drop in revenue to $1.354 billion for the year to June but says the slide in television advertising is easing.
The rate of decline in overall revenue moderated in the second half to -2% with Seven’s total TV advertising revenue down only -1%, driven by a +41% increase in 7plus revenue.
January to April 2025 total TV revenue grew by low single digits, in line with the February outlook but the post federal election market was weaker than expected.
The company cut costs by 2% to $.203 billion over the year.
Seven says the advertising market is stabilising with July and August total TV revenue tracking flat to prior year with momentum into September
September quarter 7plus bookings are tracking about 25% higher.
CEO Jeff Howard the current financial year has seen Seven West Media make solid progress under a new structure to kickstart growth.
“It is pleasing to report that we delivered earnings growth in the second half in line with our guidance,” he said.
“This improved performance mainly reflects the step change in 7plus audience and revenue, which is on the verge of offsetting the revenue decline in broadcast TV.
“Our investment in digital content including premium live sport and 7plus First programming has driven strong results for 7plus.”
Daily active users grew 27% growth and streaming minutes rose 41%, which translated to digital revenue growth of 26%.
“The growth in our total TV audiences highlights that our content is resonating with viewers. In addition to strong growth in streaming minutes for our VOD library on 7plus, we continue to see strong engagement across all programming including 7NEWS, Sunrise, The Morning Show, our live and free AFL, Test and Big Bash League cricket coverage and our entertainment programming including Home and Away, Australian Idol,” he said.
“The Voice, The 1% Club, Farmer Wants A Wife, Dancing With The Stars and My Kitchen Rules.”
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