ThinkTV has released its total TV advertising revenue figures for the year ending December 2023, reporting a combined revenue of $3.4 billion. This figure represents a 10 per cent decrease compared to the same period in 2022. The total TV advertising market, which encompasses metropolitan free-to-air, regional free-to-air, and Broadcaster Video on Demand (BVOD), excludes SBS.

In the December half, TV advertising revenue was $1.8 billion, down 9 per cent compared to the same period ending December 2022. However, BVOD revenue saw an increase of 10 per cent. Investment in BVOD platforms such as 7plus, 9Now, and 10 Play accelerated, with BVOD revenue up 12 per cent to $229 million for the six months to 30 December 2023. For the total financial year, BVOD revenue was $417 million, up 10 per cent year-on-year.

Kim Portrate, ThinkTV CEO, commented on the financial results, "The financial result for the past year reflects the perfect storm of economic headwinds faced by many Australian media companies. Inflationary pressures, supply chain disruptions, 13 rate rises, and record-low consumer confidence have collectively created a complex landscape for advertisers. Despite challenging market conditions, Australia’s broadcasters continue to deliver compelling content that engages large audiences, distributed in an increasingly digital way as the market rapidly evolves."

Portrate also highlighted the growth in BVOD revenue, saying "The growth in BVOD revenue is a testament to the adaptability and appeal of the Total TV platform. In a time of shifting consumer behaviours, BVOD continues its upward trajectory reaffirming the broadcasters’ commitment to delivering entertainment whenever, and wherever Australians wish to consume it. This is supported by brand-safe, premium advertising solutions, holistically measured through the transparent and comprehensive VOZ system."