ASX200 market news today Thursday, September 30

Foxtel has gone from expanding the traditional cable TV brand to investing in new streaming platforms as it tries to become a pure internet company.

Foxtel Group, which is jointly owned by News Corp and Telstra, will focus on its streaming assets to drive growth with Kayo Sports, BINGE and its recently announced live news aggregation service Flash at the center of the strategic day today.

Foxtel strategic day with CEO Patrick Delaney.

Over the past year, Foxtel has racked up over a million subscribers, up to 4 million, with over 50% of those subscribers joining the group’s new streaming products.

Foxtel, controlled by News Corp, announced new growth targets to be achieved over the next three years, including reaching five million subscribers, reaching $ 3 billion in revenue with a margin expansion opportunity and achieving a 4% capex / income ratio.

The group will focus on renewing its current strategy of expanding streaming growth, strengthening Foxtel, and using world-class content and technology to achieve these goals.

Sports streaming service Kayo has recorded 1.1 million subscribers. Foxtel is the long-term partner of the NRL, AFL and Cricket Australia, while Netball Australia recently returned to the squad after a stint in the clear.

Foxtel’s streaming content service Binge has registered 830,000 subscribers, a significant increase from the 733,000 recorded in August. Flash, the latest streaming service announced by the group, will launch in mid-October with more than 20 local and international news sources.

The group reported total revenue of $ 2.8 billion in fiscal year 21, with EBITDA of $ 460 million. Since 2019, the group has recorded a 10% reduction in spending to $ 2.3 million during the transition from satellite-driven products to digital streaming services.

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