Seven West Media FY24 Results Overview

Seven West Media Limited (ASX: $SWM) has released its full year results for the year ended 30 June 2024. The company reported a restructured operating model and the implementation of a cost-out program for FY25 to enhance operational and financial performance. Additionally, the company's content strategy drove audience growth and contributed to a 1.7% increase in total TV market revenue share, despite a decline of 8.2% in the total TV market. The financial performance was impacted by soft advertising markets.

Executive Commentary on FY24 Results

The organisational restructure completed in FY24 is aimed at driving operational and financial performance. Our focus on building a better digital media business, driving our own future, redefining success, and exploring new revenue streams and opportunities is aligned with our ambition to deliver a digital future, optimize traditional assets, manage costs responsibly, and find new revenue streams and opportunities. The launch of The Nightly, a new digital-only national newspaper, website, and app, has demonstrated our ability to drive new opportunities for commercial benefit and has received strong support from advertisers.

Summary of Seven West Media FY24 Results and Outlook

Seven West Media's FY24 results reflect a restructured operating model and the implementation of a cost-out program to drive operational and financial performance. The company's focus on audience growth and revenue share increase, despite challenges in the total TV market, indicates a resilient approach to market conditions. Looking ahead, the company aims to continue scaling audience and logged-in users, particularly with award-winning journalism and international content. Additionally, the company expects revenue share gains in FY25 from digital sports rights and anticipates a decrease in full-year costs compared to FY24. Seven West Media remains committed to its strategy of delivering a digital future, optimizing traditional assets, managing costs responsibly, and exploring new revenue streams and opportunities.