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TVNZ has announced an interim operating loss of $4.6 million for the last six months of 2023.��

The broadcaster��had been expected to deliver a “tough” interim financial result��in line with the challenging media market and a previously forecast $15.6 million loss for this full financial year.��

Today the company reported a loss for the six months to December 31 and an impairment of $12.2 million.��

“This loss is supported by a strong balance sheet and cash reserves. This result recognises the impact declines in the local advertising market are having on the business and on the sector as a whole,” the broadcaster added.��

All up, the broadcaster reported a loss of $16.7 million, when calculating net profit after tax.��

“Total revenue of $155.9 million represents a 13.5 per cent decrease from last year.”��

The result was delivered just two days after Warner Bros. Discovery announced��it would axe ��һ�ǿ�����hub and the AM programmes��on TV3.��

“A challenging trading environment has seen a significant reduction in television advertising revenue, while digital revenue continues to increase year-on-year,” TVNZ said today.��

“Operational expenses of $155.7 million were $10.7 million lower than the same period last year, as the business adjusted its cost profile in response to falling revenue.”��

TVNZ said it was spending less money on content, and making savings in marketing spend and other overheads.��

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“Digital generates nearly a quarter of TVNZ’s advertising revenue, and this percentage is increasing year-on-year,” TVNZ chief executive Jodi O’Donnell said today.��

“TVNZ is building a future beyond broadcast television and today’s results show the need for us to make this transition faster.��

“While the revenue position remains tough, TVNZ’s audience reach will help the business make this shift.��

“Ultimately, we need to get our organisation into the right shape and the right size to compete in a digital world.”��

Last week, O’Donnell told��Media Insider��there were no “sacred cows” as the state broadcaster considered all of its costs.��