Publishing conglomerate growth was driven by higher digital advertising and newspaper subscription revenue
The US publishing conglomerate News Corporation posted a net income of $760 million for the fiscal year running July 2021 to June 2022. The company is responsible for newspaper publications such as Wall Street Journal, The Australian, teams and New York Post.
The figure represents a 95% increase compared to last fiscal year (July 2020 to June 2021), when the company made a profit of US$ 389 million. The DThe data are in the financial statement released on Monday (8.Aug.2022). Here’s the intact (253 KB, in English).
In this period, total revenue was US$ 10.4 billion, an increase of 11% in relation to US$ 9.36 billion from the previous year. According to the report, the increases were driven by growth in ad sales and digital subscriptions. “The press segment was the biggest contributorsaid the company.
The balance sheet shows that newspaper subscription and circulation revenue ended at $83 million, up 8% from the previous fiscal year. The main reasons were revenue from content licensing, digital subscriber growth and cover price increases.
Comparing the 2nd quarter of 2021 (April to June) with the same period of 2022, the Wall Street Journal had a 14% increase in unique digital subscriptions: from 2.7 million to 3 million. The North American vehicle registered an increase of 8% in total subscriptions (from 3.4 million to 3.7 million).
the british newspapers The Times and The Sunday Times closed the 2nd quarter of 2022 with 445,000 digital subscribers, gaining 71,000 more users compared to the same period in 2021. New York Post reached approximately 198 million unique digital users in June 2022, up from 123 million the year before.
Advertising earnings were up 14% (US$ 120 million) in the fiscal year, mainly because of digital ads and the recovery of print newspapers in the UK.
QUARTERLY EARNINGS
In Q2 2022, News Corporation had a net income of $127 million. According to the company, there was a “substantial improvement” compared to a net loss of $15 million recorded in the same period in 2021.
The total revenue was $2.67 billion7% more than last year’s $2.49 billion in revenue.
#News #Corporation #Profit #Soars #Million