Total TV ad market records $3.3bn in ad revenue for FY24
Kim Portrate said despite the challenging conditions, the industry has "shown remarkable resilience."
The TV industry recorded $3.3 billion in combined revenue in FY24, down 8.1% compared to the same period ending June 2023.
The total TV advertising market includes metropolitan free-to-air, regional free-to-air, and broadcaster video on demand (BVOD), but excludes SBS.
In the June half, free-to-air advertising revenue was $1.5 billion, down 7% when compared to the same period ending June 2023.
Advertising investment in BVOD platforms 7plus, 9Now, and 10 Play increased, with BVOD revenue up 12.9% to $212 million for the six months to 30 June 2024.
BVOD revenue for the total financial year was $441 million, up 12.7% year-on year.
ThinkTV CEO Kim Portrate said despite the challenging conditions, the Australian TV industry has "shown remarkable resilience."
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"These results reflect a sustained period of adaptation and innovation as broadcasters continue to evolve to meet the needs of advertisers and viewers, ensuring brands remain front and centre within the content Australians watch," she said.
“The sustained growth of BVOD revenue underscores the value advertisers place on premium, brand-appropriate content – particularly when it is supported by the ability to target audiences with privacy-compliant first-party data solutions.
"The television industry is confident this will drive ongoing investment and innovation as more brands move to a Total TV strategy to maximise their business results.”
Last week, Nine CEO Mike Sneesby told staff that advertising revenue secured for the business' Paris Olympic and Paralympic coverage has lifted from $135 million to "more than $140 million as our sponsors and advertising partners have embraced Nine’s platforms and coverage.”
Last month, Sneesby promised that the company’s eight-year bet on the Olympic and Paralympic Games was paying off, with the company’s “torch” and “flame” sponsorship packages – valued at $12.5 million and $10.5 million respectively – at capacity.
