TV Revenue Down 30% Despite Viewer Growth
Second-quarter commercial TV revenue reportedly declined over 30% following the economic impact of the coronavirus pandemic despite audience growth.
According to unaudited internal commercial revenue data obtained by SMH and The Age, all three major local broadcasters (Seven, Nine, Network Ten), booked a 33% year-on-year drop in revenue, notching a combined $465 million in advertising revenue over the last three months.
Seven West Media reportedly fared the largest revenue decline in the three months to June 30 (down 38%).
The news follows several job cuts in the local media industry, exacerbated by the temporary suspension of the AFL and NRL.
June data reportedly flags a slowdown in the rate of decline, with many industry players asserting the presence of market recovery.
Recently released Commercial Radio Australia revenue revealed a notable 46.6% drop in revenue for the three months to June.