Seven West Media’s (SWM) TV advertising revenue dropped by almost 20 per cent in the first quarter of the year.
As first reported in The Sydney Morning Herald, SWM made $186.6 million in advertising revenue for the first three months of the 2020 calendar year. This time last year, it made $228.5 million.
Data obtained by the SMH from ThinkTV also showed Seven’s revenue was down 4.4 per cent from 39.3 per cent this time last year, putting them in second spot behind Nine Entertainment Co.
Nine booked $234.04 million of TV advertising between January and March this year, while Network Ten booked $113.28 million.
Nine secured the biggest share of revenue, increasing by three points to 43.8 per cent. Network Ten grew its revenue share by 1.4 points to 21.2 per cent.
The drop in revenue is a further blow for SWM, which is already trying to reduce a $569.5m debt pile and has applied for the government’s JobKeeper scheme in a bid to save media jobs.
There are also reports the broadcaster is in debt restructuring talks, while the The Oz is reporting SWM is selling its West Australian headquarters in an effort to pay back its debt.
