‘Sobering reality’: What the future for Australia’s media giants looks like

Australia’s largest media companies have started the new financial year on a sour note, with job losses and internal restructures fuelled by a protracted downturn in the advertising market.

Advertising revenue for the sector fell by 11 per cent in 2023, the largest single-year decline in history. The downturn has continued into 2024, according to recent SMI data. The television sector was 12 per cent worse off in May than in the same month last year. “We are seeing the market get more and more crowded with the entrance of players like Amazon, just this week, into the TV ad market, and this poses real challenges for the businesses who have traditionally created Australian content,” says Chris Nolan, chief executive of ad-buying agency Principle Media Group.Radio revenues have held up somewhat in comparison, driving a similar share of ad dollars in 2023 compared to 2015.

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