Nine Entertainment Posts $2.7B Revenue with Streaming and Subscriptions Rising

A Year of Strategic Transformation

Nine Entertainment Co. Holdings Limited (ASX – NEC) has emerged from the 2025 financial year with a clear sense of momentum and renewed focus. Despite a challenging economic backdrop, the company reported a 2% increase in revenue to $2.7 billion, supported by strong digital subscription growth and a strategic reshaping of its business pillars into Streaming & Broadcast, Publishing, and Marketplaces.

CEO Matt Stanton highlighted the company’s ongoing cultural and operational transformation under the Nine2028 program, which targets both revenue growth and cost efficiencies. The program has already delivered more than $80 million in cost savings, surpassing initial guidance, and is expected to achieve over $100 million in underlying cost reductions across FY26 and FY27.

Capitalising on Digital and Content Strengths

Digital platforms remain a core growth engine for Nine. Stan, the company’s streaming service, reached 2.5 million paying subscribers with increased viewing hours, while digital subscriptions for the Australian Financial Review and other publishing assets grew by double digits, offsetting print declines. The company’s flagship shows and news services also saw audience gains, with 'Married at First Sight' up 17% and 9News increasing by 7%.

These gains underscore Nine’s strategy to deepen consumer engagement and extend time spent within its ecosystem, leveraging premium local content and sports rights, including recent acquisitions like cross-platform Premier League coverage. The company’s multi-platform Olympic coverage further demonstrated its content leadership and audience reach.

Domain Divestment and Capital Management

A significant highlight was the sale of Nine’s 60% stake in Domain to CoStar Group for $1.4 billion. This divestment crystallised substantial shareholder value and allowed Nine to return more than half of the proceeds via a fully franked special dividend of 49 cents per share, while also strengthening its balance sheet through debt reduction.

Chair Catherine West described the decision as difficult but strategically sound, enabling the company to focus capital and energy on media assets where it holds clear competitive advantages. The sale also reflects Nine’s ongoing portfolio review to ensure scale, earnings diversity, and growth potential.

Leadership and Regulatory Landscape

Leadership transitions marked the year, with Matt Stanton appointed CEO and Managing Director following an international search, and Peter Tonagh set to assume the Chair role. Both bring deep media and digital expertise, positioning Nine for continued transformation and growth.

On the regulatory front, Nine voiced concerns about the impact of global tech platforms on local media, particularly regarding intellectual property and the use of AI-generated content. The company welcomed government initiatives to protect Australian journalism and called for stronger regulatory frameworks to ensure fair competition and content quality.

Outlook and Market Position

Entering FY26, Nine is confident in its strategic direction, with a refreshed operating model and a focus on organic investment in digital assets. The company expects continued EBITDA growth in the first half of FY26, driven by cost efficiencies and revenue momentum, despite a softer advertising market.

With a diversified portfolio, strong content assets, and a commitment to trusted journalism, Nine aims to maintain its leadership in the Australian media sector while creating long-term shareholder value.