Seven West media’s strategy is to be Australia’s most connected news, sport and entertainment brand.
CEO James Warburton says the television industry is rapidly changing and Seven is redefining total TV.
The media group gave a trading update at its AGM, saying that the advertising market was still challenging.
Warburton told shareholders Seven will execute its strategy through delivering against four strategic pillars.
The first is to accelerate a digital future. Digital earnings contributed more than 49% of overall earnings in the year to June.
“With 7plus, we are building Australia’s most watched streaming service to drive maximum audience, revenue and profitability.
“Technology is the enabler to optimise our user experience – providing the right content to the right audience through a personalisation engine built with Amazon Web Services which delivers highly customised recommendations and enhanced content discovery.”
The second pillar is to enhance and elevate the brand.
“We are redefining our brand to reflect Seven as the destination for mass cultural moments that engage, inspire and define the nation,” says Warburton.
The third pillar is to optimise the business.
“We will double down on our goal of leading the market in audience and revenue shares while maintaining discipline in cost and investment,” says Warburton.
“A 42.2% revenue share in the first quarter of FY24 is proof that our strategy is working.
“We have a proven track record of managing costs and this continues through a more difficult economic environment.
“Crucially, we have our major content locked down. In particular, all our major sports deals are secured through until 2031. Our balance sheet is strong and conservative, and we are driven by economics not ego when acquiring content.”
https://www.adnews.com.au/news/seven-upfront-afl-and-cricket-coming-to-7plus-in-2024
The fourth pillar is to partner for growth.
“We are always open to ways to improve the economics of our business through technology – NBCUniversal, Databricks and AWS are recent examples,” he says.
A slide from the 2023 AGM presentation:
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