what a load of bullshit… I talk to amber regularly and know she did set it up
Did you read the article? She has one as well, but the other one was not hers.
Seven director Jeff Kennett stated on Twitter that ABC 7:30 had not contacted Seven for comment about Amy Taeuber. When corrected by Leigh Sales he then apologised for being wrong and stated that yes 7:30 had asked Seven for comment on Monday afternoon just before their program deadline … but Louise Milligan replied:
Kennett claimed to Mike Carlton:
Jeff needs to ramp up his investigations.
Seven West Media - AGM: Chairman and CEO Presentations
2017 Annual General Meeting 2 November 2017
This has been a tough twelve months for media companies. Seven West Media was not alone. It is a challenging and rapidly changing market and all media companies are changing their business models and how they operate. They are changing the way they work and how they deliver their content to audiences.
We need to continue to adapt as these challenges unfold.
This will mean a focus on how we operate efficiently while delivering news and entertainment content that engages with Australians. We are proud of the fact we deliver the largest audiences and free to air remains the best medium to build a brand.
Our financial results over the past twelve months were disappointing. But, we are focused on ensuring we are more efficient, reducing costs and driving growth in shareholder value.
Seven is using its mass audience from its market-leading television platform to drive revenue and new forms of content. Broadcast television will continue to be the cornerstone of our business, but television is changing and we must change to maintain our future profit.
In our financial results for the 2016-2017 financial year, we made material adjustments to reflect the current market conditions adjustments resulting in a loss after tax for the 2016-2017 financial year.
This result reflected our need to recognise that the price we paid a few years ago for major one-off sporting events was greater than the current market value.
Whilst they will deliver significant audience and revenue shares and be a foundation for the second half of the year, it was necessary to write them down to reflect current television industry climate.
We expect to maintain our leadership and to use that leadership to improve the profitability of our core business.
Like other media companies we have a need to structure our business to deliver the same results with lower costs. To do this will require redesigning how we go about our business. Management is focussed on reducing costs and debt.
Tim Worner will shortly provide more details in his presentation on his plans for reducing costs as well as driving the profit outcomes for the business.
This year has also seen the introduction of new media ownership laws. We are pleased with the Government’s media reforms that will allow your company to compete in a changing market in Australia.
Beyond confronting the challenge of change and identifying the opportunities to build your company, we have, over the past twelve months, been obliged to take legal action to protect our business from the release of confidential company information and to defend the reputation of our people and company.
As detailed in two separate, successful NSW Supreme Court judgments, your company acted professionally and appropriately in the handling of a matter involving a former employee.
I wish to assure you that our success over the past decade and the transformation of our business is built on a strong culture. It is a culture of inclusion and respect. There are always opportunities to improve culture and accountability and that will be a continuing focus.
While it has been a tough and challenging twelve months, we have made significant progress in defining the company’s future direction. The Directors are committed to building shareholder value.
As is our management. And all of our people.
And on that, I wish to acknowledge the commitment of our people in Perth and indeed across our company in the success of this year’s Telethon which raised $36.4 million. Over the past 50 years, Telethon – a Seven initiative – has raised more than $250 million.
On behalf of the many in our community who will benefit from Telethon, and indeed the Good Friday Appeal in Victoria, and across the many communities we support across Australia every day, I acknowledge the commitment and support of everyone in our company.
CEO and Managing Director Address
Thank you, Chairman.
And thank you all for being here today. As the Chairman has said we are getting on with the challenge of meeting the pace of change in our marketplace.
We are doing that from a position of leadership and we expect to maintain our number one position in Television audiences into FY18. But that’s not our only measurement. In fact, our primary measurement is profit. We are determined to continue to run the most profitable television network in Australia as we have done for 12 years.
Content, Audience and Connection are the building blocks of our network’s strategy. That is powerful stories, mass audiences and platforms that allow our advertisers to connect with their customers more effectively than ever before. Looking into 2018, the content is in place and we are confident we will maintain our audience. Our new 100% owned OTT platform, 7Plus will launch this month.
These are just some of the changes we are undertaking in how we work. We are becoming more efficient. Leaner and more agile must be our mantra, re-sizing our company as we compete in an increasingly competitive global marketplace for content and ideas.
Our financial results for 2017 reflect a tough market impacted by both structural and cyclical pressures. In the period we recorded material write downs in the carrying value of our television licenses and some of our content rights, which is a function of changing market conditions.
It became evident that in light of this softer market outlook, some of our sports contracts, predominantly related to major one off events, will not deliver the level of financial return that was anticipated at the time of signing these deals.
Now that’s not to say they are not valuable, but in light of market conditions the prices we paid are not sustainable. As an organization, we pay a lot of money for rights, to deliver Australians some of the best sporting action live and free. The value we bring - that free to air television brings - to sporting codes, has simply not been recognised and will need to be in any future sports rights deals.
In the 2017 financial period Seven delivered a 39.2% commercial share of audience and 40.2% metro revenue share with total advertising revenue for the business up 1% on the prior year. Seven maintained its number one position in news, drama, reality, morning and breakfast television, as well as having the #1 summer and winter sports.
Our Olympics revenue performance was hindered by that soft advertising market and some untimely and twice unsuccessful, legal action against one of our biggest sponsors. Nonetheless, nearly 20 million Australians still flocked to see our athletes in action on the field, on the track and in the pool - viewing across every screen.
Seven Studios, our production business, continues to drive value from our assets in Australia and abroad, delivering double digit earnings growth, which we expect to be achieved again in 2018.
Over the last two years we have progressively taken control of our key digital assets across our company. This has required investment and patience. The result of this is now bearing fruit. These owned and operated products delivered 100% revenue growth to approximately $40 million in the 2017 financial year.
We have guided to strong revenue growth again in 2018, which will be supported by the launch of 7plus. 7plus will accelerate our growth across every screen and our moves in addressable advertising.
In terms of our publishing assets, these have been at the forefront of changing market conditions with structural challenges weighing on print revenues. Despite this, Pacific has made significant moves, transforming the model, resetting the cost base, all while scaling its digital audiences and materially growing new digital revenue streams. In the last 12 months, we have further strengthened our presence in the West Australian market with the acquisition of The Sunday Times and Perth Now. This investment has been pivotal in beginning to drive the next leg of transformation in that business.
Our new strategy has been set. We are focused on the core, driving better results more cost effectively. At the same time our growth initiatives include 1) capturing greater share of the total video market; 2) growing our digital businesses; 3) driving greater returns from our global production business; and 4) using the enormous reach of our audience to drive growth in new businesses.
We have focused on key partnerships and investments beyond our core media businesses. These investments, in companies such as Airtasker, Society One and Health Engine, share a common thread: they have leveraged the power of SWM to grow their business, while also creating shareholder value for SWM. Their success has become a great marketing tool for our sales teams.
Operating conditions in the first quarter have been soft given the ad market and ratings performance in the period.
Despite this, we have in place one of the strongest content line ups in 2018 we’ve had in a while. We showcased our plans for 2018 to our customers last week and the feedback has been very positive.
To counter the impact of softer market conditions, we continue to focus on driving greater efficiencies out of our assets. In the 2017 financial year, excluding the Olympics, group operating costs declined
In the 2018 financial year, we guided to at least $30 million of further cost savings to offset the step up in AFL rights costs. We will now deliver a further $25 million of annualized recurring cost savings from headcount reductions, which will commence in the 2018 financial year.
In addition, there will be a further $50 million of cost savings in 2019 from the roll off of the major sports rights. So, to be clear that is $105 million of cost savings over the next two years, partially offset by the $30 million AFL step up in FY18.
In terms of our financial outlook, we expect 2018 underlying EBIT to be in the range of $220m to
$240m, which is in line with consensus. Looking beyond the 2018 financial year, we expect strong revenue growth from our 100% owned digital platforms.
Our production business earnings will also continue to grow. There is also scope for materially higher revenues from the renegotiation of our affiliate agreement at the end of FY19.
Going forward we know there will be challenges, we’ve done a lot but more has to be done. However, we are aligned, our strategic goals are set and we believe we have the strongest set of media assets in the country from which to execute.
I thank you for your continuing support of our company, as shareholders and I appreciate speaking to you today.
Prime7 and GWN7
aka axing jobs
Former West Coast AFL player Beau Waters has joined SWM, as group sales director for Seven West Media (WA), joining the WA executive team and reporting to the company’s chief executive, John Driscoll.
Low enough for someone like Murdoch to snap up some shares?
Are their profits down or are they expecting their profits to drop?
They are down, and (surprise, surprise) their earlier estimates are proving to be a bit optimistic.
The commercial networks are starting to bleed now as viewers drop.
This has probably been said before but with changes to the reach rules and Ten being purchased by CBS, I wonder if we may see Seven West Media (and the Nine Entertainment Company for that matter) brought out by a major international media conglomerate in the future?
NBC Universal seems to be doing well with their channels and program sales in Australia and New Zealand, as I’ve noticed a few job ads recently at their office in Zetland. Are they looking to expand … say free-to-air if Seven is available?
Seven appoints Digital Executive Producer
Seven today confirmed the appointment of Paul Moore as Digital Executive Producer - Seven Sport.
The appointment adds further depth to Seven’s digital content team as it delivers the biggest sports events over the coming eighteen months. Moore will lead the sports OTT strategy and digital content production for Seven’s expanding multiple screen coverage of its major sports franchises and live events.
Moore will be a key member of the team working across Seven’s rapidly accelerating moves into over-the-top digital content delivery, including the network’s live sports coverage beyond broadcast television and the forthcoming launch of 7plus later this month, with Seven delivering growth via its total video assets across OTT, social and broadcast.
Moore joins Seven from Tennis Australia where he is currently Head Content Producer. Prior to his appointment to Tennis Australia, he was Director Digital for the WTA Tour. He has also been a content manager for itv.com in the UK.
Saul Shtein, Seven’s Head of Sport, said: “We are looking forward to Paul leading our content beyond television and across all the Screens of Seven. We are about delivering the biggest events in sports to all Australians and over the coming twelve months, you will see us further build on our leadership in sports across every device.”
Clive Dickens, Seven’s Chief Digital Officer, said: “More than 11 million Australians consume sport online every month, and during 2018 we expect millions of those to be streaming and sharing the exclusive premium sports content from Seven West Media. We are thrilled that Paul is joining to lead the digital content team for the Australian Open, the Olympic Winter Games, the Commonwealth Games and beyond.”
Paul Moore said: “Sport has always been a major part of my life, and the opportunity to join Australia’s premier sports network represents an exciting challenge - particularly with the rapid pace of change across both television and digital platforms.”
Seven launches industry first with my7christmas.com.au Finding the Perfect Christmas Gift just got a whole lot easier
Seven today unveiled an industry first, my7christmas, a new omni-channel gifting platform featuring curated quality gifts from a wide range of merchants, matched with exclusive content from across Seven West Media’s marketing-lead brands.
Launching today, www.my7christmas.com.au, currently has 3,000 products available, and this year, Australians won’t have to deal with the stress of wondering what to buy their friends and family, as the platform brings together the power of social commerce with the huge reach of Seven West Media’s television, digital and print assets.
“We reach 90 per cent of the Australian population,” said Adam Elliott, Seven’s Director of Sales. “Every Christmas millions of Australians connect with us across every screen. This is a significant new initiative for us as we continue to expand and extend our brands and content, and create new opportunities for our marketing partners. It’s also an initiative that will help our audiences simplify their lives in one of the busiest times of the year and make it easy for shoppers to spend more quality time with family and friends.”
My7Christmas will feature gifts to suit everyone, from fashion to home, tech to beauty and more. Consumers can browse products from leading brands such as Sony Music, Foxtel, Shaver Shop, Microsoft, Lorna Jane, General Pants, The Iconic, David Jones, and Universal Sony Home Entertainment.
Shoppers can sign up for free and start discovering perfect gift ideas for anyone via features such as tailored search function, popular feed or by following their favourite brands. They can also check out what personalities including Tom Williams, Sally Obermeder, Kylie Gillies, Larry Emdur, Johanna Griggs, Tara Dennis, Fast Ed, Jackie Frank, Luke Benedictus and more have chosen this Christmas.
The patented platform was designed and developed by Studio60, an international technology consultancy with deep expertise in commerce and payments. Harnessing powerful algorithms, the omni-channel social commerce platform is perfectly matched with the power of Seven West Media.
“Digital transformation remains imperative for retailers as changing consumer behaviours are driving business innovation. Technology’s immersion into everyday life means retailers need to understand and intersect with consumer behaviour to find new ways to shape content creation and distribution to reach and influence motivated customers.” said Aaron Dormer, Founder and CEO of Studio60.
“When it comes to gifting, this is about giving consumers an experience to look forward to, rather than something to be stressed by,” said Aaron Dormer, Founder and CEO, Studio60. “The platform we’ve built makes finding gifts easy by leveraging the power of social commerce. Together with Seven West, we have something really compelling as we can combine media and commerce together in one proposition.”
Throughout the campaign that runs from 20th November 2017 to 8th January 2018, Seven West Media will feature a dedicated prime time Christmas special, bespoke co-branded My7Christmas executions, talent fronted stations IDs along with in-program segments on The Morning Show, The Daily Edition and Better Homes and Gardens, and digital and social extensions across its Pacific and Seven
Outlander Season 1 & 2 DVD box set leads to the Sanity website where it is $4.00 more expensive than JB Hi-Fi. My first impression of that website is not good.
Perfect for Seven fan boys (and girls). Now you know where you can get those Home and Away sheets, Sunrise underwear and more importantly a TV that is locked to Seven. Also available soon the Mark Ferguson toy range.
This is an advertising website for Seven to generate more revenue - they haven’t done it out the goodness of their heart. Obviously Sanity paid the have their products listed.
So this is less Seven Store 2.0 and more Seven Home Shopping Network?
The Australian reported yesterday that Platform 7 – the company’s digital content division that was set up only last October to produce short and long form video content beyond linear television on platforms including YouTube, Facebook, Snapchat, Instagram and Tumblr has been shut down.
It is part of a huge cost cutting program the network is currently undertaking.
Seven unveils 7travel
Seven today launched 7travel, a new Seven initiative leveraging the brand and marketing strengths of Seven’s portfolio across television, publishing and online.
7travel is a market-first e-commerce platform that will be Australia’s “go-to” travel destination site to be inspired, plan and book a holiday.
The foundation marketing partners in 7travel are Carnival Cruise Line, Tourism and Events Queensland, Destination Gold Coast, Voyages Indigenous Tourism Australia, New Caledonia Tourism and Tourism Authority of Thailand.
7travel launched this morning on Sunrise and will follow Sunrise’s journey across Australia this week. It will be across Seven’s media assets and Facebook (@7Travelofficial), Instagram (@7Travelofficial) and Twitter (@7Travel).
7travel forms part of Seven West Media’s plans to continue to evolve its offering beyond linear television and publishing assets while ensuring the company focuses on and builds its core market-leading businesses.
Kurt Burnette, Seven’s Chief Revenue Officer, said: “Seven West Media has the largest combined audience across TV, digital, social and print across Australia. With our research and insights highlighting that we hold a high proportion of travel intenders, we will use this enormous scale and influence to inspire through advertising, editorial, integration and Influencers using unmatched power of travel storytelling and content to enable every part of the travel industry.