News Corp recovers from a year of horror with a profit of $ 445 million | News Corp

Rupert Murdoch’s News Corporation returned to profitability this year after last year’s horror loss Driven by plunging value The problematic Foxtel pay-TV business and declining newspaper revenue

The company has declared a profit of US $ 330 million (A $ 445 million) in the year to the end of June, compared to a loss of US $ 1.26 billion last year.

CEO Robert Thomson said content transactions between Google and Facebook would boost news revenue significantly.

“These transactions, which are sensitive information, generate nine-digit revenue each year and are a very positive sign of the ongoing transformation of the news industry,” he said.

According to the news, revenue from real estate advertising increased by 31%, resulting in an annual revenue increase of 4%. It owns a majority stake in US real estate sites, including, and REA Group, the operator of in Australia. – And a 10% increase from an increase in subscriptions to streaming services, including sports that offer Kayo.

Streaming service I struggled last year because the sport was cancelled Around the world for a pandemic.

However, revenues from the company’s news media division, including Australian newspapers such as Sydney’s Daily Telegraph and Melbourne’s Herald Sun, plummeted 21% from about $ 2.8 billion to about $ 2.2 billion.

Much of this was due to the sale of NewsCorp’s US catalog insertion business, due to News closing a series of local and suburban newspapers and “the continued weakness of the print advertising market, which was exacerbated by Covid. Australia’s newspaper advertising revenue fell by $ 90 million. -19 “, the company said.

Subscription revenues for the entire newspaper group, including the New York Post, increased 11%, or US $ 104 million, as readers moved away from buying newspapers online.

According to the news, Australia’s Musthead subscribers increased from 647,600 in the previous year to 810,000.

“It’s the most profitable year since we founded the new News Corporation in 2013,” Thomson said.

“The number of paying streaming subscribers increased by 155% year-on-year to over 2 million,” he said of Foxtel’s growth in streaming services, but did not disclose the number of traditional pay TV subscribers. Long-term decline..

According to the company, the number of pay-TV subscriptions was “less” than last year, but details have not been disclosed.

Streaming service “Sterling Performance” gave Thomson a lot of options, “given the 33% increase in revenue in the fourth quarter, and certainly the bright future of Foxtel. “.

News Corp recovers from a year of horror with a profit of $ 445 million | News Corp

Source link News Corp recovers from a year of horror with a profit of $ 445 million | News Corp

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