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.
In this guest post, Hulsbosch’s creative director Marcel Wijnen, casts his design eye over what truly makes a brand and says it’s all about being true and essential… To do simple – and to be original – is a truly tough task. Not impossible, but not easy. Naturally, we can get lost in ‘striving for simplicity’ […]
Seven Victorian charities are uniting for a month-long virtual fundraising challenge - Power Up 2021 - between 28th February and 28th March. There’s no denying that 2020 affected everyone, but small charities experienced a huge drop in much needed donations and it is hoped the Power Up campaign will bring fundraising back to life.
South Australia’s largest independent supermarket chain, Foodland – with its unforgettable jingle “Foodland, the mighty South Aussies, yeah” – will launch a new campaign on 7th March. The campaign coincides with the chain’s $251m expansion program to open twenty-five new stores, revamp fourty-seven and create 2,500 new jobs over the next five years. Agency KWP! […]
A-listers turned out to Klarna's Sydney party last night. It did move significantly down the alphabet on B&T's arrival.
On Thursday, Quantcast held their Virtual NOVA event, discussing the current state of the advertising industry, the end of third-party cookies, the open internet vs walled gardens, and data privacy and consent. The event coincided with the launch of their new Quantcast Platform. It is an intelligent audience platform powered by the company’s patented AI […]