Television Ad Market Dropped 13% in October: Seven West
At Thursday’s annual general meeting, disappointed investors criticized the company’s continued lack of dividends and the weak performance of its share price. Their frustration reflected broader concerns across the media sector.
Australia’s television advertising market fell by nearly 13 percent in October, raising fears about overall business confidence and consumer spending, even after three recent interest rate cuts.
“The media company, which owns Network Seven and The West Australian newspaper, recorded flat television revenue in the three months to September compared with last year,” said Seven West Media chief executive Jeff Howard.
Howard noted that October brought a sharp drop in revenue, forcing the company to expand its cost-cutting program from 35 million to 50 million dollars to stabilize operations.
Company’s Strategic Response
- Flat television revenue in the September quarter
- 13% decline in ad market in October
- Cost reduction target increased from 35 to 50 million dollars
Investors continue to monitor the company’s ability to adapt amid shifting market dynamics and declining advertiser confidence.
Author’s Summary
The Australian TV ad market’s 13% fall in October forced Seven West Media to ramp up cost cuts, underscoring declining consumer confidence and investor frustration.
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