“We’ve got made nice progress in what we describe as our ‘video first’ technique,” Murphy instructed BNN Bloomberg. “[It’s] off to the races on an viewers perspective – the problem is demand.”
Murphy famous the broader media trade worldwide is going through related hurdles, with conventional broadcasters delivering bigger audiences than advertisers are presently prepared to buy. “It’s not simply at Corus, in actual fact, it’s a worldwide factor,” he defined.
Murphy stays optimistic that the scenario will enhance, although he acknowledges the present challenges. “We predict that’s going to vary, however in the meanwhile, that’s the image we’re taking a look at,” he stated.
Media corporations going through a difficult surroundings
This dialogue follows the discharge of Corus’s quarterly monetary outcomes, which revealed a $9.8 million loss for the second quarter, a 13% decline in income. The corporate anticipates an extra 10% to fifteen% drop in tv promoting income for the third quarter. In response to those figures, Corus’s inventory plummeted as a lot as 21% in noon buying and selling.
Regardless of the disappointing earnings, the loss marked an enchancment from the $15.5 million deficit reported a yr earlier. Murphy credited this to efficient cost-cutting measures and enhanced money circulate administration, which have helped cut back the corporate’s debt.
