TVNZ has posted a $4.9 million annual earnings result in a “challenging” year and revealed the country’s most-watched shows.
The broadcaster will pay a $3.1m dividend to the Crown, saying it has “successfully navigated” challenging economic conditions and is now in a strong position to pursue its ambitious digital strategy.
TVNZ today unveiled underlying operational earnings of (EBIT) of $4.9m and an adjusted net profit after tax of $10.7m for the year to June. The final reported net profit after tax (NPAT) of $25.7m includes net positive, non-cash impairment adjustments.
Weekly audience grew to 1.59 million Kiwis, an audience increase of 12.7% year-on-year.
The 6pm news, local favourites including Shortland Street and Hyundai Country Calendar and premium international shows including The Day of the Jackal, Rogue Heroes, The Rookie and Love Island contributed to this growth.
Total revenue decreased by 2.7% year-on-year to $281.1m in what TVNZ described as “challenging trading conditions” and persistent market disruption.
However digital advertising revenue grew 12.7% year-on-year and now accounted for a quarter of total advertising revenue.
The company said digital advertising growth had outperformed the market in the year to June and was forecast to increase to a third of total advertising revenue in the year ahead.
Mass audiences
TVNZ chief executive Jodi O’Donnell said the broadcaster was in a strong position to leverage its mass reach audiences, advance its digital strategy and deliver on its aspiration to be New Zealand’s number one streaming platform for local content, trusted news, entertainment and sport.
“I’m proud of the commitment and resilience TVNZers have shown to deliver this result,” she said.
“As a business we’re made huge strides toward our ‘digital first’ goals, but importantly, we’ve done this while keeping our focus firmly on audiences and advertisers and what they need today. We’re entering the new financial year with momentum and determination. We have an exciting 12 months ahead of us.”
O’Donnell said “concerted efforts” had been made to reset operating costs and to align the business with a digitally-led future. Underlying costs had reduced by $41.2m. In May last year, TVNZ axed long-running and celebrated current affairs programmes Fair Go and Sunday.
Revealed: TVNZ’s most-watched shows
Today’s annual result also features an “audience snapshot” of the most popular shows screened on the TVNZ+ streaming platform and broadcast on TV.
Most watched on TV channels:
Most watched on TVNZ+
Digital+ strategy
TVNZ has completed the first year in its five-year Digital+ strategy, which aims to double its 18-54 aged audience, triple digital advertising revenue and create a sustainable operational model.
O’Donnell said TVNZ still provided New Zealand’s largest free-to-air offering – reaching 2.4m Kiwis weekly.
“Increasingly though, our audiences are engaging with us online. We’re focused on managing our audience transition through offering the products and services we know our audiences and advertisers love and securing the best content to air across our channels and platforms.
“The FY26 slate is world-class and recent confirmation of the ANZ Premiership Netball, National Provincial Rugby and Fifa World Cup 26 means there’s a lot for viewers to look forward to.”
In the year ahead the broadcaster would launch a new TVNZ+ streaming platform with an improved user experience and cutting edge features. The upgrade will also allow users to access pay-TV events, with the first offering enabling football fans to purchase an event pass to watch all 104 Fifa World Cup matches live at next year’s tournament, as well as replays and highlights.
TVNZ has already signalled it expects to deliver an underlying operations earning (EBIT) loss at the end of the 2026 and 2027 financial years. This relates to a “significant one-off investment in technology projects to drive strategic outcomes for the business”.
O’Donnell said: “This is a once in a generation opportunity to invest in TVNZ and secure a vibrant and sustainable future. It will ensure we can continue to serve all New Zealanders with our unique content mix of local content, trusted news, exhilarating sporting moments and the very best entertainment well into the future.”
Last year TVNZ reported an underlying operational earnings (EBIT) loss of $28.5m and a net loss after tax (NPAT) of $85m for the period, including a non-cash impairment of $62.1m.
