TVNZ posted a 47% jump in net profit to $NZ15.8 million for the half year to December as the state-owned television network concentrates on local content.
Total revenue was up 3% to $179 million with growth in both television and online advertising revenue.
Key drivers included a bigger share of TV advertising, online growth and a positive impact from Rugby World.
Operational expenses were up 3% to $152.8 million as TVNZ continues to migrate content investment from international to local, including sport.
CEO Kevin Kenrick says the results are an encouraging start to the 2020 financial year.
“Strong ratings performance for our primetime daily news programs and live sport enabled TVNZ to grow share of audiences and advertising revenue for the half year,” he says.
“Close to three million New Zealanders tuned in to watch Rugby World Cup games on TVNZ 1 and DUKE. TVNZ has subsequently secured additional sports rights in partnership with Sky (Tokyo 2020 Olympic Games) and Spark Sport (NZ Cricket) to complement existing Tokyo 2020 Paralympic Games and America’s Cup content rights.“
TVNZ OnDemand saw growth in video streams and audience reach pushing online revenue up 26%.
The network says it will increase investment in digital capability and local content in the second half of the year.
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