Nova Entertainment has cut around 70 roles within the radio business due to an increasingly poor advertising market.
As first reported on Radio Today, Nova staff were informed of an internal review on Tuesday via a virtual meeting, with around 70 employees to go amid a cost-cutting operation.
Nova chief executive Cathy O’Connor (pictured) said the business has experienced a 25 per cent revenue slump this year.
“The media industry has been particularly hard hit and we expect the downturn to continue for the next 12 to 18 months,” she said.
“As a result, we have reviewed every aspect of our business to reduce costs and increase efficiency while continuing to deliver for our clients and audiences.”
“We will reduce costs by nine per cent with all areas of the business being impacted. As a result, some staff will, unfortunately, be made redundant.
“These decisions will protect our core business and ensure that our company remains strong and successful and is positioned for growth as the economy recovers.
Nova will attempt to place the affected employees in other roles within the group.
Like other media outlets, radio has taken a major hit amid the pandemic, with ad revenue dropping 20 per cent in FY19/20.
Frameplay today announced its first global integration with Magnite to provide advertisers with the ability to buy intrinsic in-game advertising programmatically. The combination of Frameplay’s software developed for in-game advertising and Magnite’s scale and experience in programmatic technology across any format and screen provides advertisers with greater access to engaged audiences. Current RTB programmatic capabilities […]
Advertising spend on e-commerce platforms is set to rise sharply this year despite the global recession, reaching a total of $US58.5bn ($83bn). Advertising investment across e-commerce sites such as Amazon, Tmall and Rakuten, omnichannel retailers such as Walmart and Carrefour, and social commerce on platforms such as Pinduoduo and TikTok is set to increase 18.3 […]
Online insurance comparison website, Compare the Market Australia has appointed Emma Alberici as Chief Strategy, Government Relations and Communications Officer. Previously, Alberici was chief economics correspondent at the ABC, one of many senior positions she held during her 18 years with the organisation. Before this, she was a senior journalist at the Nine Network, where […]
VA Media has announced the launch of new YouTube content ID service for producers, production companies and film & television distributors. VA Media owns and manages some of the world’s largest movie and TV-based YouTube channels, including Movie Central– which boasts an impressive 20M views monthly. The newly announced fee-based service is designed to enable […]