AUGUST - 20238 As we feel the full force of the economic winds we anticipated in 2023, there is one thing that remains constant for all businesses, that is change. Many radio businesses find themselves in a position where their core broadcast assets continue to perform strongly, all the while the potential growth opportunity across digital obfuscates their vision of a cross channel future state. What we can see as an approach to 2023 is a difference of opinion that emerged about what exactly will our 2023 approach be? Will we go on the defensive and protect revenue, take on offensive approach to capitalise on known areas of opportunity or will we attempt a balance of both? In the wake of a black swan event in COVID, landing ourselves in a globally challenging economic environment, then taking the opportunity to pro-actively change is likely going to pay dividends.Traditional radio businesses have historically been high margin businesses, however as the medium has evolved over time and demand for accessibility of content via digital platforms increased there is no ignoring the fact that digital streaming and in a number of cases podcasting requires an operating model and cost base that leads to a reduced margin. What is important to note is that the traditional radio broadcast is very stable and consistent­ both from an audience and revenue perspective.As a radio business in Australia, we have consistently taken a share of revenue that is greater than our share of audience. The challenge has become how do we build a sustainable and scalable digital operating model which delivers the same or ideally greater success. Here is the catch, when we look at our businesses they revolve around people, technology and data are the enablers and process to tie it all of that together. The current economic environment adds complexity to this, how do we manage to sustain momentum in a year where being defensive feels like our safest bet. The simple answer would be slow and UNLOCKING THE VALUE OF DATATim ArmstrongIN MYV EWIN MY V EW BY TIM ARMSTRONG, DIRECTOR, DIGITAL CAPABILITY AND DATA, NOVA ENTERTAINMENT
< Page 7 | Page 9 >