News Corp Revenues Shrink Despite Subscriber Numbers Growing

News Corp Revenues Shrink Despite Subscriber Numbers Growing

News Corp’s revenue has dropped by one per cent in the first quarter of this, despite the company passing the million subscriber mark in Australia (lead image: Michael Miller).

The Murdoch-owned company reported its first quarter earnings for financial year 2023 in New York early this morning, revealing it made AU$3.81 billion in revenue, compared to AU$3.85 last year.

Revenues for the group’s global news media business, meanwhile, fell by four per cent from AU$886 million to AU$851 million.

In Australia, News Corp grew from 897,000 paid digital subscribers this time last year to 1,012,000.

“We’ve led the way for digital subscriptions in Australia with audiences seeking out our mastheads across multiple platforms whenever they need trusted news, information and entertainment,” said News Corp Australasia’s executive chairman Michael Miller.

“The naysayers claimed people would never pay in sufficient numbers to make digital publishing a viable subscription business, however they failed to appreciate how digital and data would bring us so much closer to our audiences through new, innovative storytelling channels,” he added.

“We now know the success of the News Corp Model says much about the foresight of Rupert and Lachlan Murdoch and their belief people would pay for journalism relevant and helpful to their lives.”

The group’s Foxtel streaming services, meanwhile, saw users grow from 3.9 million this time last year to 4.6 million. However, the Foxtel Now service saw paying users drop from 239,000 to 197,000. News Corp’s overall streaming service subscription fell three per cent, from AU$175 million to AU$170 million.

Overall, the company blamed “more volatile” economic conditions, as well as foreign currency fluctuations and a decision by Amazon to slash its book inventory levels.

“Australians can rest assured we will continue to evolve our offering across all platforms to meet our audiences wherever they consume our content, whether in print, digital, video, audio or social media,” added Miller.




Please login with linkedin to comment

News Corp

Latest News

Limited Tickets Still Available For First Ever Industry Pantomime
  • Advertising

Limited Tickets Still Available For First Ever Industry Pantomime

With just over 24 hours to go until the world premiere of Addy Lala and the Mood Tea Thieves, limited tickets are still available for the pantomime, which will run for one night only at the Everest Theatre in Sydney’s Seymour Centre on December 5th. All in the industry are encouraged to come along to […]

Palin Communications joins GlobalCom PR Network
  • Marketing

Palin Communications joins GlobalCom PR Network

Specialist Australian health PR agency, Palin Communications, has joined GlobalCom PR Network with a view to delivering meaningful, consistent, impactful, global health campaigns across a range of countries and regions.

2045: A New Melbourne-Based Creative Agency Founded by Tim Evans and Nick Auditore
  • Marketing

2045: A New Melbourne-Based Creative Agency Founded by Tim Evans and Nick Auditore

2045, a Melbourne-based creative agency founded by Tim Evans and Nick Auditore has just launched. The agency takes its name from the year futurist Ray Kurzweil predicted organic and artificial intelligence would converge. Lead Image: 2045 Team Evans was formerly a Partner and Executive Strategy Director at DT (now AKQA), before co-founding B.B.E in 2015. […]

New Years Eve fireworks
  • Marketing

National Breast Cancer Foundation Announced as Charity Partner For NYE Sydney

The National Breast Cancer Foundation has been announced as the Charity Partner for Sydney New Year’s Eve. The Australian not-for-profit organisation is represented by the pink ribbon and raises money to fund world-class research towards its vision of zero deaths from breast cancer. Research that saves lives through a better understanding of how to prevent […]

Emporium Unveils Unique Christmas Campaign: “Every Tradition Starts Somewhere”
  • Campaigns

Emporium Unveils Unique Christmas Campaign: “Every Tradition Starts Somewhere”

This holiday season, Emporium Melbourne has announced its festive creative campaign that celebrates and encourages the Melbourne community to embrace their personal ‘untraditional traditions’ – the unique traditions that make Christmas truly special for them, and their family. The campaign’s tagline, “Every tradition starts somewhere”, reflects Emporium’s commitment to embracing, inspiring and applauding diverse traditions […]

Reddit Updates Conversation Placement Ads Formats
  • Technology

Reddit Updates Conversation Placement Ads Formats

Reddit has announced updates to its new ads placement with Carousel Ads and Product Ads. These new units, placed in the heart of Reddit discussions, provide an even more dynamic and compelling way for advertisers to scale to relevant audiences, deliver deeper value to users, and drive stronger, full-funnel performance among the hundreds of thousands […]

Full Throttle Into 2024: Drive.com.au Announces 12 New Products In 2024 Upfronts
  • Media

Full Throttle Into 2024: Drive.com.au Announces 12 New Products In 2024 Upfronts

Automotive Network Drive has announced its 2024 upfronts, its biggest in more than a decade, with a suite of more than 12 new products that underpin its vision to be the number one automotive network in Australia. Now in its 27th year and with a monthly audience of 2.45 million, Drive is leveraging its reputation […]