Media24, one of South Africa’s largest digital news publishers, reported a significant widening of losses for its latest financial year, with the deficit expanding by 60% compared to the prior period.
The result underscores the persistent structural challenges facing legacy media companies as they navigate a rapidly shifting advertising landscape and declining print revenues.
The publisher’s full-year revenue fell sharply by 28%, dropping from $141 million to $102 million.
The publisher’s full-year revenue fell sharply by 28%, dropping from $141 million to $102 million.
This steep decline in top-line growth was not sufficiently counterbalanced by cost-saving measures, including job cuts implemented throughout 2024.
The inability of operational efficiencies to offset the revenue contraction highlights the severity of the headwinds impacting the sector.
The financial performance marks the first full-year results following a period of significant restructuring and workforce reduction.