Southern Cross Austereo’s revenue falls by a third after its ‘worst’ year ever as the network hopes to stream – as ratings plummet
Southern Cross Austereo’s profits are in decline, according to a new report.
The radio network, which hosts Hot Network and Triple M, earned $260.1 million in yesterday’s figures, according to Unmade.
It was a slight increase over the prior year, which was $259.8 million, but EBITDA revenue fell to $43.1 million from $48.2 million.
EBITDA is earnings before interest, taxes, depreciation and amortization along with other deductions.
However, in the network’s heyday, EBITDA earnings were $123 million in 2012, down a third over the past decade.
Southern Cross Austereo’s profits are in decline, according to a new report. Carrie & Tommy are pictured
According to Unmade, this is the “worst start to a fiscal year” for the network.
Southern Cross Austereo has pinned its hopes on the LiSTNR platform, which hosts on-demand podcasts and streaming radio shows.
Among the new stars on LiSTNR is former Bachelor contestant Abbie Chatfield, who hosts the It’s A Lot podcast.
Last year, Triple M suffered a major hit in ratings, with some regional channels losing up to a third of their viewership in the last poll.
The news came after Triple M’s owners, Southern Cross Austereo, decided to eliminate Ray Hadley’s popular breakfast program from their schedules.
By June 2021, the highest rated 2GB star could be heard on Triple-M stations around Coffs Harbor on the mid north coast and the Riverina district.
Southern Cross Austereo has pinned its hopes on the LiSTNR platform, which hosts on-demand podcasts and streaming radio shows. Among the new stars on LiSTNR is former Bachelor contestant Abbie Chatfield (pictured), who hosts the It’s A Lot podcast
The decision to drop Hadley was made to save money, The Australian reported.
Triple M’s Coffs Harbor station lost a third of its breakfast audience, while the situation in the Griffith area was even worse.
When Hadley had the slot, Griffith station had a 31.9 percent share. The latest poll fell in half that, scoring just 16.7 percent.
Hadley was a ratings winner for Triple M in the Port Macquarie area, south of Coffs Harbour, where the controversial star garnered an audience share of 40 per cent.
Southern Cross Austereo is still awaiting survey results for this area.
Hadley has blasted SCA management for their decision to remove him from their regional broadcasters and also for the loss of top talent like Kyle Sandilands and Jackie ‘O’ Henderson.
Last year, Triple M suffered a major hit in ratings, with some regional stations losing up to a third of their audience. The news comes after Triple M owner Southern Cross Austereo decided to eliminate Ray Hadley’s popular breakfast program (pictured) from their schedules
Hadley, who hosts the morning slot on 2GB and 4BC, made the point in an interview with The Australian.
“One wonders how long shareholders are going to rip off the people who are leading this network down a path of mediocrity,” he said of SCA.
Radio superstars Kyle and Jackie O left 2Day FM in 2014 during contract negotiations after scoring best breakfast show for six consecutive years.
They now host the hugely successful Kyle and Jackie O Show on rival station KIIS FM.
“It’s like an NRL team that leaves the coach in place after a failure but gets rid of all the players,” Hadley said.
Radio superstars Kyle and Jackie O left 2Day FM in 2014 during contract negotiations after scoring best breakfast show for six consecutive years. Both pictured