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TVNZ reports interim profit of $33.9 million, OnDemand attracts record weekly audience

TVNZ is reporting an interim profit of $33.9 million, up $18.2 million year-on-year.

TVNZ CEO Kevin Kenrick Source: 1 NEWS

The company has also pledged to repay $4.9 million it received under the wage subsidy scheme.

Total revenue was down $3.3 million (1.9 per cent) to $175.7 million, reflecting the impact of Covid-19 lockdowns on advertising in the early months of the reporting period.

However, revenue has steadily improved, on the back of improved share of TV market revenue and growth in digital advertising.

Operational expenses are $119.9 million, down 21.5 per cent on last year. It is due to lower spending on content and cost containment.

“I’m proud of the way the TVNZ team has responded to challenges confronting the industry at the start of this financial year," chief executive Kevin Kenrick said.

"Many New Zealanders took the opportunity to trial TVNZ content while locked down at home and its pleasing to see so many of them become regular viewers of our news and entertainment shows. 2.8 million people are watching our TV channels each week and TVNZ OnDemand is attracting a record weekly audience of 473,400."