TVNZ’s total revenue has fallen $14.2 million year-on-year to $327.6m, its 2023 financial year annual results show.
Net profit after tax has decreased $6.2m to $1.7m.
The media company, however, continued to show strong growth in digital revenue, which was up 14%.
Total advertising revenue was $309.0m, $12.1m lower than the previous year.
Total operating expenses were down $2m to $313.6m as investments in people and technology were offset by savings in other overhead costs.
Total content costs of $178.8m decreased 5.6% year-on-year with some programming deferred to FY24.
"In a tough media market environment, TVNZ has reported a solid result for FY23," interim chief executive Brent McAnulty said.
"Strong audience numbers helped TVNZ outperform the market this past year. Local content including Te Matatini, new seasons of Celebrity Treasure Island and T20 Cricket Internationals resonated with viewers. 1News provided live and breaking coverage to highly engaged audiences - from Cyclone Gabrielle, to Her Majesty The Queen’s funeral, the coronation of King Charles III and the Commonwealth Games in Birmingham. We’re also proud of the performance of TVNZ+, with the platform now reaching over 1.2 million viewers weekly and ending the financial year by bringing New Zealanders the largest free-to-view sports offering in over two decades."
Inflationary pressures and slower economic conditions were expected to continue in the 2024 financial year.
"While TVNZ will need to navigate this carefully, particularly in the first half of the new financial year, we remain committed to advancing our ambitious digital strategy to secure a sustainable future for the business.”
TVNZ will continue to draw down on cash reserves to build a stronger digital backbone.
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