The nation's largest radio broadcaster has joined other media companies to record a drop in earnings as the advertising market continues to fracture and consumers turn to streaming.
Southern Cross Media Group recorded revenue of $499.4 million in the 12 months to June 30, nearly $5 million less compared to the previous financial year, while underlying operating earnings were down by 14 per cent to $66.2 million.
In early outlook for the first quarter of this financial year, audio revenues were pacing ahead of the same time last year, although the market remained soft.
The radio and regional television broadcast company owns and operates 99 radio stations across Australia as well as 93 free-to-air TV signals.
Despite recording expected revenue losses in broadcast radio and television, Southern Cross' digital radio app, LiSTNR, had a strong revenue growth of 42 per cent, up by $10.4 million on the previous year.
"In a fast-growing digital audio sector, LiSTNR has reached over two million signed-in and addressable users, with around one million of these interacting with LiSTNR monthly," chief executive John Kelly said.
Former Netball Australia director, Marina Go, will join Southern Cross as an independent non-executive director in October and will stand for election by shareholders at the company's annual general meeting in November.
Early Thursday afternoon, Southern Cross Media shares were up one per cent to 53.5 cents.
