Nine flags clear growth opportunities as Stan and digital surge

Nine has outlined “clear opportunities to grow” across streaming, publishing and marketplaces after posting yearly revenue of $2.7 billion, up 2% year-on-year.

Group EBITDA for the media group fell 6% to $486 million, but second half earnings were stronger, rising 8% as streaming, broadcast and publishing all delivered growth. Chief executive Matt Stanton said he was pleased with the second half performance, citing firm cost control and strong audience numbers across broadcast, 9Now and publishing.

Nine’s streaming business Stan was the standout performer, with revenue up 10% to $492 million, driven by Olympic coverage, Yellowstone, Stan Originals and sport. Subscriber numbers now sit around 2.5 million. 

Nine’s Total TV revenues also climbed 3% to $1.16 billion, with 9Now streaming revenue up 19% to $225 million. Publishing revenue declined 6% to $526 million, though digital subscription growth of 15% across The Age, SMH and AFR helped maintain flat EBITDA of $153 million. 

“At the start of 2025, we accelerated our program of increased operating effectiveness through our strategic transformation program, Nine 2028, generating additional cost savings in FY25,” Stanton said. 

He added that aligning the business into three verticals – streaming and broadcast, publishing, and marketplaces – had set up the company for its next phase. 

“We continue to be energised by the opportunities of the Nine businesses - through our premium content, growing audiences and market-leading data proposition, and are well positioned to remain at the forefront of media in Australia.” 

The results also reflect the $1.4 billion sale of Nine’s 60% stake in Domain to CoStar, which has strengthened the balance sheet and funded both a final dividend of 4 cents per share and a special dividend of 49 cents, payable in September.