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News Corp heralds digital on way to $US1.4b loss
12 August 2018, 04:45 | Hattie Nash
Strong growth in the number of paid digital subscribers was recordedBRENDAN MCDERMID REUTERS
News Corp posted a 29% lift in full year revenue to $US2.69 billion.
Mr Thomson's comments pour cold water on speculation that News would become active in further consolidation in the Australian media landscape in the wake of the proposed merger of Nine and Fairfax.
Total revenue surged 30 percent to $2.69 billion, above estimates of $2.65 billion.
In its news and information services segment, News Corp's advertising revenue fell by US$76 million (or three per cent) in FY18, while circulation and subscription revenue increased US$105 million (or five per cent).
News Corp said net loss available to shareholders narrowed to $372 million in the fourth quarter from $430 million a year earlier.
New Foxtel boss Patrick Delany, who took the reins in January in place of former chief executive Peter Tonagh, is set to launch new services next week after reporting that residential customer churn for cable and satellite was down over the quarter from 13.3 per cent to 12.5 per cent, while average revenue per customer declined 3 per cent over the same period due in part to the Company selling cheap Foxtel Now packages Vs a full home package.
The number of subscribers to Foxtel grew 2% to 2.8 million in the year to 30 June 2018.
"We saw meaningful operational improvements at the News and Information Services segment led by higher digital paid subscribers and disciplined cost initiatives, notably in Australia". He did not mention the group's titles in Australia, such as the Australian and the Herald Sun had performed, but the earnings report to the stock market said that digital subscriptions in Australia had increased to 415,600 from 363,600 the previous year.
"HarperCollins' success underscores the importance of intelligent editors and great writers in creating premium content. Algorithms are, as yet, unable to write empathetic, compelling books". At Subscription Video Services, the company will focus on launching new OTT products, 4K, the next generation of the IQ Box and managing its broadcast base.
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