Ten CEO: “TV Industry Is Under Severe Duress” As Profits Plunge

Ten CEO: “TV Industry Is Under Severe Duress” As Profits Plunge
SHARE
THIS



Yesterday it was Seven’s turn to unveil a 91 per cent profit drop at its half yearly results and now Ten’s joined free-to-air’s gloomy party predicting it is facing a full year earnings loss of between $20-30 million.

Ten CEO Paul Anderson today issued a profit warning to shareholders borne of a tepid ad market, rising costs at the network and hefty license fees.

Anderson, whose comments were reported on News Corp sites, said the company would have to conduct “a rigorous cost reduction project”.

“This industry is obviously under severe duress and yet commercial free-to-air television broadcasters continue to be penalised by the world’s most expensive broadcast licence fees,” Anderson said in a swipe at the Turnbull government

“Without the investment of the commercial free-to-air broadcasters, local production will dry up, jobs will be lost and local news will be a thing of the past.”

Anderson once again inferred that Australia’s TV playing field was unfair and, though not calling them out, had a veiled dig at the SVOD players like Netflix, and Google and Facebook who weren’t beholden to the same costs and regulations as Seven, Nine and Ten.

Anderson said local media companies were competing for views and advertisers against “globally dominant internet companies” that are exempt from the cost and regulations of local players.

Latest News

The Future Is Here: China Debuts AI News Anchor
  • Media
  • Technology

The Future Is Here: China Debuts AI News Anchor

Who said robots and artificial intelligence (AI) would steal jobs from hard-working humans? Quite a few people actually, and they weren’t wrong. A new AI bot has taken over the desk at China’s state-run Xinhua news network, with footage circulating of a nameless robotic anchor introducing itself and touting its ability to “work tirelessly” for […]

Leadership Transformation – What Does It Really Take?
  • Opinion

Leadership Transformation – What Does It Really Take?

Peter Shields (pictured below) is a transformational executive coach specialising in leadership transformation and author of the book Leadership Alchemy. In this guest post, Shields talks effective leadership and offers his tips on getting your style right… Effective leadership is vital to the success of any organisation. A well-led business knows where it’s going and what […]

Opinion

by B&T Magazine

B&T Magazine
Network 10 Announced As The First Inductee To The Unltd: Hall Of Good
  • Media

Network 10 Announced As The First Inductee To The Unltd: Hall Of Good

UnLtd, our industry’s social purpose organisation, has announced Network 10 as the first inductee to the UnLtd: Hall of Good at the inaugural Big Dream event last night. The newly launched recognition award cannot be applied for and is earned through a demonstratable and impactful commitment to doing good. UnLtd CEO Chris Freel commented: “We […]

Bacardí & OMD Launch ‘Do What Moves You’ In Time For Summer
  • Campaigns

Bacardí & OMD Launch ‘Do What Moves You’ In Time For Summer

In partnership with OMD, BACARDÍ has launched a brand new campaign inspiring people to ‘Do What Moves You’ via a dance-inspired creative to a track by DJ trio, Major Lazer and choreographed by dance legends, Rich&Tone. ‘Do What Moves You’ is a cheeky play on both the physical freedom of letting go, moving and dancing and also […]

RAMS Encourages First Home Buyers To ‘Walk Like a RAM’ In New Spot Via Richards Rose
  • Advertising
  • Campaigns

RAMS Encourages First Home Buyers To ‘Walk Like a RAM’ In New Spot Via Richards Rose

Home loan specialists RAMS have developed another phase for its ‘Greater Together’ brand strategy and platform via indie agency Richards Rose. The brief from RAMS was to build on the strong performance of the past work, but elevate the emotional intensity of the brand amongst first home buyers and self-employed, and really drive home a […]

WWF-Australia & Publicis Media Debut ‘Koala Museum’
  • Campaigns
  • Media

WWF-Australia & Publicis Media Debut ‘Koala Museum’

Publicis Media’s Content division has developed a unique activation in collaboration with Starcom, Habitat Media and WWF-Australia that gives Sydneysiders the chance to experience what a future without koalas in the wild could be like. The activation aims to raise awareness and encourage action on excessive tree-clearing now to ensure a future for the iconic […]

Pernod Ricard Wines Taps Cummins&Partners Sydney As Global Lead Strategic Agency
  • Media

Pernod Ricard Wines Taps Cummins&Partners Sydney As Global Lead Strategic Agency

Cummins&Partners Sydney has been appointed as the Lead Strategic Agency for Pernod Ricard Wine, specifically focused on Australian brands, As part of a new global agency structure. Global duties will begin immediately on three of its Australian Wine Brands including Jacob’s Creek, St Hugo and I AM GEORGE. Cummins&Partners Sydney MD Kirsty Muddle said: “We […]

Remarkable Marketers: Meet Mars Food’s Matt McInnes
  • Marketing
  • Partner Content

Remarkable Marketers: Meet Mars Food’s Matt McInnes

There are some pretty remarkable people in our industry, each offering their own unique perspective to adland. While we spend so much time learning about our peers’ career highlights, B&T thought it high time to dig a little deeper, and find out what makes the shining stars of our industry tick and, at times, tock. […]

Partner Content

by Carat

72andSunny Sydney Announces String Of New Hires
  • Advertising

72andSunny Sydney Announces String Of New Hires

Following the recent executive creative director hire, Micah Walker, and new business wins of Optus, Paspaley and Vision Investment Group (VIG), 72andSunny Sydney has welcomed a number of key hires. The new hires include: Greg Fyson, executive producer: Fryson comes to 72andSunny with 15 years’ industry experience. Carving out his career as a TV Producer at BMF, Fryson […]

PHD Wins H&R Block’s $4 Million Media Account
  • Advertising
  • Media

PHD Wins H&R Block’s $4 Million Media Account

H&R Block has today announced PHD as their new media partner. The business was won in a non-competitive pitch after PHD completed a series of successful projects for the brand. The business is estimated to be worth $4 million annually and PHD will be responsible for all media planning and buying duties. The move will […]

Instagram Unveils New Shopping Tools
  • Marketing
  • Media
  • Technology

Instagram Unveils New Shopping Tools

Ahead of the holiday gift-giving period, Instagram is introducing three new ways for users to shop on Instagram. The Facebook-owned social media platform is launching tools to discover new products, shop favourite brands and keep track of shopping inspiration in one place. Here are the three new ways to shop on Instagram: Save new shopping […]

RedBalloon Urges Shoppers To ‘Break With Tradition’ This Christmas
  • Advertising
  • Campaigns
  • Marketing

RedBalloon Urges Shoppers To ‘Break With Tradition’ This Christmas

Online experience retailer RedBalloon is urging consumers to ‘break with tradition’ this Christmas and rethink their approach to gifting, with a million-dollar campaign set to drive 1.6 purchases every minute between now and December 25. RedBalloon General Manager Matthew Cavalier said everyone has their own traditions at Christmas. The brand’s creative territory is about celebrating […]