Total TV advertising revenue was down 10% for the 12 months to December 2023 as BVOD went up 20%, according to ThinkTV revenue figures for the six and 12 months to 31 December 2023.
The total TV advertising market report, showing metropolitan free-to-air, regional free-to-air and Broadcaster Video on Demand (BVOD) and excluding SBS, showed a combined revenue of $3.4 billion for the year to December 2023, down 10% compared to the same period ending December 2022.
In the December half, TV advertising revenue was $1.8 billion, down 9% when compared to the same period ending December 2022.
Kim Portrate, ThinkTV CEO, said the financial result for the past year was a reflection of “the perfect storm of economic headwinds” that many Australian media companies faced.
“Inflationary pressures, supply chain disruptions, 13 rate rises, and record-low consumer confidence have collectively created a complex landscape for advertisers.
“Despite challenging market conditions, Australia’s broadcasters continue to deliver compelling content that engages large audiences, distributed in an increasingly digital way as the market rapidly evolves,” Portrate added.
Advertising investment in BVOD platforms 7plus, 9Now and 10 Play accelerated with BVOD revenue up 12 per cent to $229 million for the six months to 30 December 2023. BVOD revenue for the total financial year was $417 million, up 10 per cent year-on-year, according to the media company.
Portrate noted that the growth in BVOD revenue is a “testament to the adaptability and appeal of the Total TV platform.”
“In a time of shifting consumer behaviours, BVOD continues its upward trajectory reaffirming the broadcasters’ commitment to delivering entertainment whenever, and wherever Australians wish to consume it. This is supported by brand-safe, premium advertising solutions, wholistically measured through the transparent and comprehensive VOZ system,” she added.
Back in August, ThinkTV recorded a combined revenue of $3.6 billion for the year to 30 June 2023, down 7.9 per cent compared to the same period ending 30 June 2022.
Read more: ThinkTV reports TV advertising market down 7.9 percent for 12 months to June 2023