TVNZ profit slumps by two-thirds, CEO looks beyond abandoned merger
{Extracts from the NZ Herald — behind a paywall]
TVNZ has reported a net profit of $4.8 million for the six months to the end of 2022.
That was a two-thirds fall from its net profit of $15.2 million in the first half of the 2022 financial year, which itself was less than half the $33.9 million booked for the first half of the state broadcaster’s 2021 financial year.
Revenue fell 2 per cent to $180.3 m as income from advertising dropped 1 per cent to $171.3 million. CEO Simon Power told the Herald a fall-off in government Covid advertising was a factor.
And TVNZ warned in a statement: “Inflationary pressures and interest rate increases are likely to deliver a softer domestic advertising market through the remainder of 2023.”
“Digital revenue also grew 16 per cent year-on-year. These are big numbers, and we are focused on growing our reach further by expanding our content catalogue and continually improving the user experience.”
TVNZ refuses to provide a breakdown of broadcast vs digital revenue.
The chooks are coming home to roost for this lot …………… let the slump in their profits continue to decline.
Just, perhaps, the good people of NEW ZEALAND are waking up to the fake and pathetic main s**t (stream) media.
Bring on the collapse of all those involved in the “jabcinda trough of being bought”.
We only watch the Prime news at 5.30pm for bullet points and TV1 weather and mute the sound when the look alike Maori female weather broadcaster does the show with her gibberish.
Sell it off before it becomes worthless after changing to yet another maori tv channel that no-one watches – but pays for
The best medicine for a dog with rabies is a bullet in the head. That also goes for a dog with racist woke rabies.