Broadcaster ARN Media reported a 9% increase to $365.6 million in group revenue for the year to December.
The result was driven by a solid revenue performance at Australian Radio Network at $307.9 million, and a revitalised Hong Kong business launching two new contracts during the year.
Total advertising revenue was up $0.9 million in challenging market conditions.
Net profit after tax before significant items was $12 million.
ARN plans to strip out $40 million in costs over three years.
The company forecasts stronger audience ratings and renewed commercial strategy to see total revenue growth build during the year with low single digit growth forecast for the full year.
Digital Audio revenues will outpace 2024 growth levels with recently launched live streaming commercialisation to drive accelerated growth rates.
“ARN delivered a solid result in 2024 highlighting its resilient model and strong cash generating operations," said CEO Ciaran Davis.
“While the launch of The Kyle & Jackie O Show into Melbourne has been subject to much attention, overnight the breakfast show went from reaching 851,000 people in Sydney to 1.2 million people across Australia’s two largest cities, and across the country remains Australia’s most listened to radio show, reaching over 1.7 million listeners each week.
“In Sydney, ARN and The Kyle & Jackie O Show’s partnership has seen the show maintain its position as #1FM breakfast show for an incredible 48 surveys straight while also claiming #1 overall in Sydney. In Melbourne, the focus remains on building familiarity, audience loyalty and the reinforcement of the show’s DNA for bringing the biggest entertainment, celebrities and prizes on Australian radio.
"Regional audiences remain a strong and a growing segment of our business. ARN’s commitment to its Leaders in Local content strategy in regional markets delivering outstanding results across 12 markets, with 10 stations achieving #1 position with our sales strategy to deliver increased share of national regional advertising also seeing market share gains for the year.
“Digital audio continues to experience robust growth, and a key driver of ARN’s success is our exclusive Australian license for iHeartRadio, a low-capital investment that gives us access to cutting-edge technology while allowing us to focus on our core strengths – content creation, distribution, and monetisation.
"Our disciplined approach to investing in this growth category has delivered positive EBITDA and cash flow in the second half of 2024, positioning us to accelerate profitable revenue growth in 2025 and beyond.
"In 2025, we are accelerating the commercialisation of streaming live radio broadcasts in digital formats, confident in maintaining the digital audio growth we experienced last year. Digital is no longer an emerging category – it is a mainstream revenue driver.”
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