• Total TV audiences up 1.5%, with strong BVOD audience growth (+43%) offsetting modest linear decline (-1.8%)
• Total TV advertising revenue down 6% due to soft market and major one-off sporting events
• HY25 costs down 2%, tracking to full year guidance of $20m - $30m down YoY

Seven West Media Limited (ASX: SWM) has announced its half-year results for the period ended 31 December 2024. The company reported that total TV audiences were up 1.5%, with strong BVOD audience growth of 43% offsetting a modest 1.8% decline in linear TV. Total TV advertising revenue was down 6% due to an ongoing soft advertising market and the impact of major one-off sporting events. The company's costs were down 2% in HY25, tracking to the full-year guidance of $20m - $30m down year-on-year. Seven's leading content, 7plus Sport and 7plus First initiatives are driving audience and revenue momentum into the second half of the year. Seven increased its total TV revenue share to 41.5%, a record for a non-Olympic broadcaster, with a strong rebound in Q2 to 43.8%. Other revenue declined due to the non-renewal of the Meta partnership.The company's digital sports rights are driving a step change in high-value audience and revenue, with 347,000 new 7plus users during the cricket season, around 70% of which were in the key 18-54 demographic. 7plus revenue grew 23% in Q2.Seven West Media is continuing to execute on its strategic priorities, including building a better digital media business, optimizing traditional assets, finding new revenue streams, and managing costs responsibly. The company's Phoenix technology platform, which enables converged audience trading across linear and digital, is expected to go live in March 2025.

Based on current expectations and market conditions, the company expects H2 FY25 earnings to see modest growth on H2 FY24. The company's FY25 cost guidance of $1.2b - $1.21b is maintained.

The company noted that the advertising market is improving, with Q3 bookings tracking up in low single digits. H2 is expected to benefit from AFL growth and the Federal Election. The company remains focused on driving resilient earnings and cash flow from its market-leading content and scale reach.