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News Corp Q1 2024: Group profitability strong with growth and challenges in Australia
News Corp Q1 2024: Group profitability strong with growth and challenges in Australia - November 11, 2023
By James Manning
News Corp chief executive Robert Thomson has reported financial results for the three months ended September 30, 2023, the first quarter of financial year 2024.
“We had a sterling start to the new fiscal year, with rising revenues and increased profitability despite difficult economic conditions in some of our markets,” Thomson said this morning on the earnings call.
“Our first quarter revenues were slightly higher at $2.5 billion, while our profitability rose 4%, marking the second consecutive quarter of profit growth.
“Our positive performance in the quarter follows the three most profitable years since the creation of the new News Corp.”
News Corp Q1, 2024
https://www.mediaweek.com.au/news-corp-q1-2024-group-profitability-strong-with-growth-and-challenges-in-australia/
(MediaWeek)
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Greg Tingle
MediaWeeks' James Manning with a deep dive and crunching numbers on The Foxtel Group. The likes of MAX (ex HBO), ESPN (now has AEW coming up).and tubi (aka "The Netflix Killer") will certainly disrupt and shake things up. WWE (via WWE Live on BINGE) and UFC (via Main Event) are helping keep audiences. Who will fill the void from WWE since they are going to USA Network. UFC is improving Fight Pass, but FOX likely knows this already. AEW will be running over ESPN for Australia as the Pacific region. 7Plus got some ONE Champion and tubi got some older ONE clips. We hope that BINGE will continue to wow the combat sports audience for a long time to come. Some domino and flow on effects from the US market are likely to be felt in Australia by consumers in the next 3 to 5 months is my estimating. Aussie TV audiences are still spoiled for choice - even with the excess of adds, be it sports betting, insurance, pizzas, coffee and beverage makers or whatever. Advertising still makes much of the commercial business go round and Lachlan Murdoch and associates and News Corp are all too well are of it. You've got to have quality and staple programming to keep the audience hooked for binge sessions by the eyeballs! Back to the number crunching.