Revenues fall at TV3 in weak ad market
Advertising slump hits TV group but there are signs of improvement
The Great Irish Bake Off On TV3. The broadcaster saw revenues decline in 2012, but notes an improvement in the second half of this year.
TV3 saw its revenues fall by 1.8 per cent in 2012, down to €57.6 million, as the broadcaster dealt with “the most difficult trading environment for advertising”.
Earnings at the group grew from €5.5 million in 2011 to €5.8 million, and operating profit advanced to €1.4 million, up from €0.9 million the previous year.
David McRedmond, CEO TV3 Group, said that both 2012, and the first half of 2013, “saw the most difficult trading environment for advertising”.
“The slow pace of broadcast reform is hampering a recovery in the ad market when the general economy is showing signs of growth,” he said.
Advertising fell by 9 per cent in Ireland in 2012, but TV3 benefited from a new trading scheme in response to the abolition of RTÉ’s share deal scheme following the Competition Authority’s Enforcement Decision.
Other developments in 2012 saw TV3 complete its new HD studio in association with SONY Corporation (opened in February 2013), and develop its industry leading 2nd screen App ShowPal™ (launched in October 2013).
In 2013, the severe market weakness continued into the first half of the year, but the group pointed to an improvement in the second half of the year.