Southern Cross Media Group Limited (SCA) have provided a market update for Q1 FY25 which ended September 30, 2024. Digital and broadcast radio revenue were both up (an impressive 48.2% for digital and just over 1% for radio) and both metro radio and digital audio have now delivered three consecutive quarters of share growth.

SCA CEO John Kelly said:

“SCA remains the home of the audience that matters in the core buying demographic for men and women aged 25-54. Over 70%1 of agency briefs target these segments. SCA had a market-leading 35.3% share of this segment in the most recent metro radio survey published on 1 October 2024. Our in-depth understanding of this segment has seen our Triple M and Hit Networks record the largest metro radio audiences in this segment for the last three years (26 consecutive surveys).

Whilst advertising markets remain short, SCA is maintaining positive operating momentum into the second quarter of FY25.”

The Hit and particularly Triple M Networks have also had a great number of job cuts.

Total revenue this quarter, of $122.3 million, was up 1.5% compared to the same quarter last year.

SCA’s sale of its regional television assets is progressing. They were the straw that broke the back of the ARN / Anchorage Capital Partners doomed take over bid . SCA have said that the proceeds of that sale will go towards reducing net debt. We still don’t know who that buyer is.