MediaWorks Enters FY25 With Growth Momentum Following Strong FY24 Results

MediaWorks has reported its full-year results for the year ending December 31, 2024 (FY24), showing strong revenue and earnings before income tax, depreciation and amortisation (EBITDA) growth on FY23, with positive momentum carrying into the new financial year. 

The company delivered revenue of $213 million, up 4% on FY23, and EBITDA of $38.9 million, an increase of $4.4 million (13%) year-on-year. 

The business exited FY24 with good momentum and a clear focus on growth - driving audience, commercial performance, content creation and digital innovation. 

Highlights 

Revenue: 

Total revenue of $213 million, up from $204.1 million in FY23, driven by market share growth across Radio1, Outdoor2 and Digital1 and a product of MediaWorks’ continued investment in its content and audience platform. 

EBITDA: 

Earnings of $38.9 million, up 13% on FY23, reflecting a focus on high-performing revenue streams along with disciplined cost management. 

Market Leadership and Audience 

Radio / Digital/ Audio Streaming: 

MediaWorks remains New Zealand’s leading radio company, reaching 2.456 million listeners (AP 10+) each week3. 

AP 18–39 audience share is nearly double that of its nearest competitor3. 

AP 25–54 commercial share is the highest since pre-lockdown levels3. 

Digital audio continues to grow as audiences blend live radio with on-demand listening. Rova revenue grew 49%, well ahead of the market’s 34% increase1. 

Outdoor: 

Outdoor revenues were up 12% year-on-year versus the market at 8%4, led by strong growth in the agency channel and continued strategic investment in expanding MediaWorks’ network of digital out-of-home billboards. 

Programmatic digital out-of-home (pDOOH) saw strong year on year gains at 83%, outgrowing the market at 23%2 and supporting growing advertiser demand for data-led, targeted solutions. Developed high-quality digital panels at key sites in Auckland including Wairau Road, Manukau, Silverdale and Lincoln Road, enhancing both the scale and quality of our Outdoor network.

Organisational transformation 

FY24 was another important year in the transformation of MediaWorks, with a sharpened focus on market leading audiences, commercial delivery, and digital acceleration. 

Over the past two years, more than 160 years of media experience has been added to the executive team - a deliberate move to bring deep industry knowledge, sharp commercial acumen, and strong market connectivity back into the leadership of the business. 

Outlook 

MediaWorks has made a strong start to FY25, with Q1 revenue and EBITDA ahead of budget and solid year-on-year growth. 

Agency sales are tracking well, with strong growth in Radio and Outdoor. 

Forward-looking sales pacing indicators suggests growth momentum has continued through Q2 across all platforms. 

The business remains focused on managing costs and executing its strategy with discipline. MediaWorks Chairman Barclay Nettlefold said: 

“FY24 was a year of consolidation and confidence-building for MediaWorks. The business has made clear gains in revenue, profitability and leadership capability, while continuing to deliver on its strategic priorities. 

“We’ve simplified and refocused the company around audiences and commercial performance and that is clearly showing in the results. 

“The recent acquisition of MediaWorks’ minority shareholders by QMS is a strong endorsement of the business and its future. It reflects a long-term commitment to the New Zealand market and to the strategic direction the Executive Team is pursuing. 

“As a Board, we’re confident in Wendy and her team’s ability to continue executing at pace, and we look forward to building on this momentum throughout FY25 and beyond.” 

MediaWorks CEO Wendy Palmer said: 

“We’re pleased with how we exited FY24 - we’ve got momentum, a clear focus, and the right people in place to deliver it. Our omni channel offering with Radio, Outdoor and Digital continues to deliver strong audience and commercial results. 

“MediaWorks has always been about people. The team has done an outstanding job navigating a challenging market and keeping audiences and customers at the heart of everything we do. That’s what drives results, and it’s what we’ll keep doing.” 

“There’s still work to do, but the investments we’ve made in talent, technology and content are clearly paying off.”

MediaWorks CFO, Mike Asbridge added: 

“We’re tracking ahead of expectations in early FY25 and well ahead of prior year, driven by disciplined execution, margin improvement and targeted investment. Given our FY24 results and FY25 year-to-date performance, we remain confident in our strategy. 

“We’ve also made good progress in securing new banking facilities, with this process expected to complete by the end of June. This will further strengthen the balance sheet, and help ensure the business can continue investing in growth both this year and in the years to come” 

Notes 

1. Source: 2024 RBA Radio Market Report 

2. Source: 2024 OOHMAA Market Summary 2024 

3. Source: S3/2024 GFK Commercial Radio Total NZ Survey 

4. Source: 2024 ASA Revenue Report 2024 

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