MediaWorks has reported positive growth and revenue in their full-year results for the year ending December 31, 2024 (FY24) despite challenging market conditions. Revenue was up 4% on FY23, and EBITDA increased 13% year-on-year.
Highlights:
Total revenue of $213 million, up from $204.1 million in FY23, driven by market share growth across radio, outdoor and digital.
Earnings of $38.9 million, up 13% on FY23.
MediaWorks is New Zealand’s leading radio company, reaching 2.456 million listeners (audience 10+) each week.
18–39 audience share is nearly double that of its nearest competitor
25–54 commercial share is the highest since pre-lockdown levels
Over the past two years, more than 160 years of media experience has been added to the executive team
MediaWorks Chairman Barclay Nettlefold (main image – left) said:
“FY24 was a year of consolidation and confidence-building for MediaWorks. The business has made clear gains in revenue, profitability and leadership capability, while continuing to deliver on its strategic priorities.
We’ve simplified and refocused the company around audiences and commercial performance and that is clearly showing in the results. The recent acquisition of MediaWorks’ minority shareholders by QMS is a strong endorsement of the business and its future. It reflects a long-term commitment to the New Zealand market and to the strategic direction the Executive Team is pursuing.
As a Board, we’re confident in Wendy and her team’s ability to continue executing at pace, and we look forward to building on this momentum throughout FY25 and beyond.”
MediaWorks CEO Wendy Palmer (main image – right) said:
“We’re pleased with how we exited FY24 – we’ve got momentum, a clear focus, and the right people in place to deliver it. Our omni channel offering with Radio, Outdoor and Digital continues to deliver strong audience and commercial results.
MediaWorks has always been about people. The team has done an outstanding job navigating a challenging market and keeping audiences and customers at the heart of everything we do. That’s what drives results, and it’s what we’ll keep doing.
There’s still work to do, but the investments we’ve made in talent, technology and content are clearly paying off.”