Nine Entertainment Company has reported $120 million in post-tax profit which was down seven per cent YOY. Earnings from the TV business fell 11 per cent while digital profits soared by 20 per cent.
Overall revenue was down 6.5 per cent to $1.282 billion, due to “challenging market conditions in free to air television and refocused digital business”.
Nine’s CEO Hugh Marks said of the results: “The ratings and revenue performance of our core free-to-air business was disappointing in the first six months of calendar 2016, due to a combination of the challenging ad market and poor programming outcomes.
“However, we are taking positive steps to regain momentum in our ratings and revenue, with a well advanced content plan for 2017 incorporating 50 per cent more premium local television content,” he said.
The past 12 months have been difficult for the TV side of the business with 2015/16 cricket season failing to pull fans due to a lack of competition and Tests lasting three days. There was also the 60 Minutes kidnapping fiasco, while shows like The Verdict, The Hotplate, You’re Back In The Room and the controversial The Briefcase all got a lukewarm reception from audiences.