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Half-yearly profit boom for Nine

Media heavyweight reports record revenue of $1.3b and $213m profit.

Revenue and profit are up at Nine Entertainment Co. in results for the 6 months to December 2021 released today.

Nine announced a half-yearly net profit after tax of $213 million as the media business grew its audience numbers across television, radio, digital mastheads and Stan. Record revenue was of $1.3b, up 15% year-on-year.

Calendar year 2021 also saw record revenue for Total Television (FTA + BVOD).

Mike Sneesby, Chief Executive Officer of Nine Entertainment Co. said: “We are really pleased with how Nine closed calendar 2021, with strong audience and revenue performance across all businesses, both subscription and advertising, underpinning 15% growth in EBITDA for the December half and surpassing the guidance we gave back in November. Momentum remains clearly positive, with full year guidance now of around 25% Group EBITDA growth to what would be a record result for Nine. Importantly, these results continue to be delivered by increasingly diversified, and increasingly digital revenue streams.

“Moreover, this momentum has continued into 2022, with Nine’s content across all platforms underpinning a strong start to the year which, coupled with continuing strength in advertising markets and further growth in subscriptions, creates a great foundation for the business looking forward.

“Nine’s opportunity has never been clearer. In Total Television, we have balanced our programming decisions across broadcast and streaming, and carefully invested in and expanded the reach of 9Now, resulting in record Total Television revenues in calendar 2021, more than any year in Nine’s history. At Stan, we are continuing to grow revenues and subscribers while expanding our annual volume of Stan Originals as we take greater control of our premium content pipeline and continue to invest in Stan Sport. In Radio, we have been strengthening our underlying business, while building our audiences, and with 23% of our listeners now live streaming our content, there is a real opportunity to further expand our Digital revenues. And in Publishing, we will continue to invest in the product, ensuring greater audience reach and higher subscriber numbers, of course augmented by the licensing agreements with Google and Facebook.

“I’m very proud of what the team at Nine has achieved this year. We understand the importance of amplifying and sharing the stories Australians want to watch, read or hear and we are defining what an Australian digital media company looks like.”

Nine reported 2.5m active Stan subscribers leading to 23% revenue growth at Stan with Yellowstone, Hacks and Stan Originals Bump, Christmas on the Farm, The Tourist and Wolf Like Me are noted as being particularly popular.

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