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- NZME (ASX:NZM) releases a revised three-year strategy, prioritising digital transformation across its three key divisions
- Digital revenues are set to reach 29 per cent of total revenue in 2023, doubling since 2019
- Strategic priorities were outlined for its Audio, Publishing, and OneRoof divisions
- NZME is up 3.14 per cent, trading at 82 cents at 11:49 am AEDT
Dual-listed NZME (ASX:NZM) has revised its three-year strategy, placing digital transformation at the forefront of its operations across its three main divisions: Audio, Publishing, and OneRoof.
NZME CEO Michael Boggs emphasised that the core objective is a relentless pursuit of a digital-led strategy, executed by a dedicated team of more than 1200 individuals.
The strategy aims to capitalise on the robust growth of digital revenues in recent years.
“Digital revenues have shown strong growth over recent years, reflecting the strength of NZME’s strategy and platforms.” Mr Boggs said.
“We remain committed to growing digital revenues – it is core to the future improved profitability and sustainability of our business, and to delivering value for our shareholders.”
He also highlighted the forecasted 29 per cent share of digital revenue in NZME’s total revenue for 2023, more than doubling from 2019.
This growth is attributed to the company’s success in digital audio, boasting more than 70 per cent market share against key competitors.
The publishing division has also undergone a transformative shift, adopting a true digital-first model, with separate units for digital and print, contributing to a profitable digital publishing business that supports quality journalism.
OneRoof, NZME’s property platform, is experiencing change due to the growth of its digital property platform, positioning the division for future success.
The newly released three-year strategic priorities for each division are to create the most listened-to and loved content grow podcast engagement and monetisation along with refocusing on a digital approach.
For further details, the complete NZME Investor Day 2023 presentation is available here.
Shares in NZME were up 3.14 per cent, trading at 82 cents at 11:49 am AEDT.
