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· Posted on
February 21, 2024

News Corp's best financial year since 2013

After a rocky year News Corp had an incredible quarter - but where is the revenue coming from?

What's the key learning?

  • Streaming services are holding it down for media companies, as consumers switch to on-demand content.
  • People do not want the paid TV option Foxtel was once famous for.
  • Foxtel had to switch lanes and go into streaming, which they did with Kayo and Binge.

HOW DID NEWS CORP HAVE SUCH A GOOD QUARTER?

Last year was pretty messy for News Corp. The company axed 100 print titles, let go of hundreds of staff and saw a huuuge $2 billion loss.

But fast-forward to today, and News Corp has managed to turn a multibillion-dollar loss into a $525m profit. And it’s largely thanks to Foxtel.

Well, it wasn't actually from people signing up to Foxtel. It’s from people signing up to Foxtel-owned subscription services (think: Kayo Sports and and Binge).

So, what's the key learning?

Streaming services are the saving grace for big media players as consumers move to on-demand content they love.

Foxtel rode the Pay TV wave all the way from the early noughties to the late 2010s, but when Netflix entered the kitchen, Foxtel couldn’t take the heat

Foxtel has been flying the Pay TV flag for years. But now, they’ve had to switch gears, or risk becoming obsolete. With Kayo and Binge, Foxtel can finally compete. And that’s paying dividends for News Corp.

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