Newscorp have released their first quarter earnings report for September 2023, announcing 4.465m total paid subscriptions, including 1.259m Kayo subscribers, down slightly from last quarter. Binge overtakes Kayo for the first time wiith 1.342m.
Revenues of $502 million in the quarter decreased $8 million, or 2%, compared with the prior year, primarily due to a $40 million, or 8%, negative impact from foreign currency fluctuations. Adjusted Revenues of $542 million increased 6% compared to the prior year, improving from the prior quarter rate. Higher revenues from Kayo and BINGE, higher commercial revenues and an increase in advertising revenues were partially offset by the impact from fewer residential broadcast subscribers.
Foxtel Group streaming subscription revenues represented approximately 25% of total circulation and subscription revenues in the quarter, as compared to 19% in the prior year.
As of September 30, 2022, Foxtel’s total closing paid subscribers were nearly 4.5 million, a 16% increase compared to the prior year, primarily due to the growth in BINGE and Kayo subscribers, partially offset by lower residential broadcast subscribers. Broadcast subscriber churn in the quarter increased slightly to 14.2% from 14.0% in the prior year. Broadcast ARPU for the quarter increased 1% year-over-year to A$83 (US$57).
Segment EBITDA in the quarter decreased $3 million, or 3%, compared with the prior year, reflecting a $9 million, or 8%, negative impact from foreign currency fluctuations. The decline also reflects higher sports programming rights costs, driven by the timing of sports events, notably in motorsports, and contractual increases, as well as higher marketing costs at BINGE. Adjusted Segment EBITDA increased 5%.
Data tables can be accessed here