Southern Cross Media Group Limited (SCA) recently held its 2024 Annual General Meeting, where CEO John Kelly outlined the company's ongoing transformation. The focus, he stated, is on audio as the core business, with SCA actively negotiating to dispose of its television assets, aligning with its audio-centric strategy.

Kelly stated, "We can now clearly and confidently say SCA is All About Audio. It is our focus. It is our strength. It is our purpose. With this sharpened All About Audio approach, we can deliver more for our listeners, more for our business partners and advertisers, and in turn, more for our shareholders."

SCA's three key audience pillars are the metro radio 25-54 demographic, regional Australians, and the digital audience via the LiSTNR ecosystem. The company's total revenue for the first quarter of FY25 was $122.5 million, a 1.5% increase compared to the same quarter last financial year. Total Audio revenue for the first quarter of FY25 was $100.4 million, up 4.8% compared to the corresponding quarter in FY24.

The company's digital audio revenue saw significant growth, increasing by 42% last financial year and is on track to be cash flow positive in the current financial year. SCA's LiSTNR platform reached EBITDA profitability in the final quarter of FY24, with over 2.1 million signed-up users.

Kelly also mentioned the company's business transformation program, which has permanently removed more than $40 million from its cost base. He said, "We are in active negotiations with several parties with a view to disposing of our television assets, consistent with our All About Audio focus. We expect to be able to meaningfully update our shareholders in the coming weeks as to the progress of these sale negotiations."

SCA's LiSTNR AdTech hub is driving premium commercial returns for advertisers, included in over 33% of LiSTNR’s digital audio campaigns. The company's Hit network’s Carrie & Tommy have been Australia’s Number One drive show across the nation for much of 2024. SCA's Triple M network has grown faster than any network in the past three years.

"Our digital transformation is now reaping rewards. Our products, regionally and in the metro markets, are unrivalled. All this combined makes me, and the wider SCA team, confident and excited about the opportunities ahead," Kelly concluded.