Despite an internal cost-cutting program, expenses outstripped revenue at Nine. CEO Mike Sneesby warned the government against Australian content quotas.
Mr Sneesby said quotas would mean global rivals like Netflix, Amazon and Disney would take the best Australian creatives at the expense of local platforms and broadcasters.“The unintended consequence is likely a squeeze on local media companies who have actually been doing all of the heavy lifting ...
“We have actually trimmed costs across our business, starting last half against our budget baselines,” Mr Sneesby said. Nine is the publisher of”The market doesn’t see what our own internal budgets are. But we’ve already considerably improved our cost base proposition versus what we targeted ourselves for the full year.“Nine’s revenue from subscriptions rose 9 per cent in the half, while it grew its share of the television market – across Nine and 9Now – to $662 million.
Mr Sneesby would not say whether he expected Nine to break even from its new Olympics rights deal, which“The fact that we finalised the agreement says to you that we must have been comfortable,” Mr Sneesby said. “Quite clearly, an Australian Olympics is going to be significantly more valuable than a non-Australian Olympic game. You do take all of that into how you value a deal, and also how you think about the costs that come into your business over the long term.”
Analysts said Nine’s results were in line with expectations. UBS’s Lucy Huang said it was a “strong share gains amidst weak macro environment”.is the media and marketing reporter at The Australian Financial Review.
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