TVNZ’s statement of intent provides further context to its challenges and strategic direction. Depreciation and amortisation also contribute to the expected loss. Operating revenue is expected to be $329.9m and expenses $336m. “This will require significant investment, to be funded through cash reserves and earnings,” says the company’s new statement of intent, outlining the broadcaster’s plans for the next four years.īut the new documents reveal the steep plunge to the expected $15.6m loss for the financial year it has just started, to June 30, 2024. Traditional broadcast audiences are dropping across the world and TVNZ is embarking on a major digital and cultural transformation, including upgrading the technology and user experience of its widely praised TVNZ+ on-demand platform. It follows a balance sheet full of red ink for TVNZ’s biggest traditional competitor, Discovery NZ’s Three, over the past two years. The sudden financial fall for the state broadcaster, set up as a commercial entity, highlights the major challenges facing every media business in New Zealand – and as it embarks on significant digital investment. TVNZ is expecting a bottom-line $15.6 million loss for its 2023-2024 financial year after two years of profitability, according to new documents. Why is TVNZ’s profit set to suddenly plunge? How other media firms are faring Respected Sky TV broadcast editor’s untimely death Murray Deaker promises to cull PC ‘rubbish’.
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