Summarised by Centrist
TVNZ has taken a financial hit posting an $85m loss (including $62m non cash impairment). It’s now on the hunt for ways to plug a $30m gap.
The state-owned broadcaster’s overall revenue fell by nearly 12%, with advertising revenue dropping from $309m to just under $273m.
Despite cost-saving measures, including programming and staff cuts, TVNZ still faces a $30m cost gap for the coming year.
Chief Executive Jodi O’Donnell described the economic conditions as “extremely challenging” for ad-funded broadcasters globally.
TVNZ is seeking to diversify its revenue though no immediate plans have been confirmed.
One bright spot is the broadcaster’s digital platform TVNZ+, which saw 25% year-on-year growth in viewership and an over 8% increase in digital advertising revenue. O’Donnell said there will be more news content made available to digital audiences.
The company has enough cash to fund its digital strategy for the next three years, but it won’t be paying a dividend to the public this year due to the heavy losses.
