Corus Entertainment cites lagging ad sales for a consolidated revenue decrease of 6% to $339.6 million in the fourth quarter of 2022, compared to the same quarter last year, while revenue was up 4% to $1.6 billion for the full year.
The company, which released its Q4 2022 and full year 2022 financial results earlier today, saw consolidated segment profit drop by 45% and 15% respectively compared to the same periods in 2021.
In the television segment, revenue decreased 6% year-over-year in Q4 2022 to $314.2 million. For the full year, it increased 3% to $1.5 billion. Television advertising was reported to have decreased 14% to $151.9 million year-over-year for the quarter and increased 2% for the year to $859.6 million. Subscriber revenue, meanwhile, increased 2% to $127.7 million for Q4 2022 and increased 4% for the year to $518.5 million.
Radio revenue was flat at $25.4 million for Q4 2022, compared to Q4 2021, and increased 9% to $105.9 million for the full year 2022, compared to 2021.
“In Q4 we experienced meaningfully lower financial results given the impacts of an uncertain economic environment on advertising demand,” said Doug Murphy, president and CEO, Corus Entertainment, in a release.
“Despite these cross-currents in the advertising market, our portfolio of businesses is delivering impressive subscriber revenue growth and increased international content sales. In addition, the ongoing expansion of our premium digital video business, with STACKTV, TELETOON+, the Global TV app and the upcoming launch of Pluto TV, underscores our progress in maximizing multi-platform television opportunities,” he said.
“We are taking appropriate actions to tightly manage our expenses while maintaining a disciplined focus on capital allocation, shareholder yield and the ongoing execution of our strategic plan and priorities.”
