Overview of Seven West Media's AGM highlights

Seven West Media (ASX: SWM) held its 2024 Annual General Meeting on November 7, 2024. The company discussed its strategic priorities, leadership changes, financial performance, and future plans. Despite challenging economic conditions, the company remains committed to delivering high-quality content across its platforms.

Summary of Seven West Media's future plans and outlook

Seven West Media is focused on building a future-ready organization with an emphasis on digital growth and content delivery. The company has restructured into three divisions to enhance efficiency and prioritize digital advancements. Despite a challenging advertising market and a decrease in revenue, the company is committed to cost control and strategic investments. The company aims to reduce net costs significantly in FY25 while continuing to invest in technology to improve user experience and business growth. Seven West Media is also advocating for fair regulations to maintain competitive equity in the media sector. The company's strategic initiatives and technological investments are geared towards maintaining its leadership position in the Australian media industry.

Executive commentary from Seven West Media's 2024 AGM

Jeff Howard has been promoted to Managing Director and CEO, reflecting our commitment to strong leadership. The new operating structure divides the company into three divisions: Television, Digital, and Western Australia, aiming to enhance operational efficiency and prioritize digital growth. Despite a decline in revenue, we are focused on containing costs and expanding our digital audience. Our digital platform 7plus experienced a 39% increase in consumption. We have secured exclusive rights to major sporting events, enhancing our sports broadcasting portfolio. However, we face challenges from the economic climate and regulatory environment. We are advocating for fair regulations to ensure a level playing field. Our cost reduction program aims to reduce net costs by $20 million to $30 million in FY25, as we continue to invest in technology and digital platforms.