Nine reports record year with $315m net profit » Olite

Nine has posted a net profit of $315 million for the 2022 financial year.

Chairman Peter Costello described the results as a “record year” for the company, emphasising that the long-term strategy to capitalise on its digital assets was paying off.

For the financial year, which includes summer non-survey, Nine’s television business was named the number one network and primary channel in all key demographics, attracting a commercial network share of 38.4 per cent.

CEO Mike Sneesby said, “Our Total Television business leads the calendar year in broadcast ratings, BVOD streaming, and revenue. This has been driven by an amazing Australian Open and record-breaking State of Origin series, plus Logie award winning Lego Masters and Travel Guides, and well-loved shows like Married at First Sight and The Block – now in its 18th season and still delivering first night numbers up almost 22%, including almost 60% growth in live streaming on 9Now (which grew live streams overall by 50% this year).”

Nine reports record year with $315m net profit » Olite Screen Shot 2022 5 at 2 Nine reports record year with $315m net profit » Olite Screen Shot 2022 08

Stan grew its subscriber base by 6% to more than 2.5 million users, lifting revenue by 22% as the service diversifies to include more Live Sport.

He continued, “Investment in Sport, Events and Originals also continues at Stan – which remains Australia’s leading local streaming service. This strategy has continued to grow subscribers and build a stronger, more differentiated and valuable business for the future.

“Results like these can only be achieved by an organisation that’s passionate about the quality, power and purpose of what it delivers. At Nine, we have this in spades. It’s key to the ongoing strength of our business and financial performance, and has also meant the Board and Executive Team were able to say ‘thank you’ this year in the form of a Recognition Bonus.”

Salaried staff were gifted a $1750 bonus.

However the Media, Entertainment & Arts Alliance were a slap in the face for print journalists who are seeking a fair pay rise from the company.

MEAA Media section Director Adam Portelli said: “After this bumper result today, it is time for those profits to be shared as a fair pay rise with the journalists whose work delivered them.”

Source: Nine News

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