TVNZ's annual revenue was down, but its digital revenue was up. (File photo) Photo: RNZ/Marika Khabazi
State-owned broadcaster TVNZ has reported a bottom line net profit with an outlook for losses in the next two financial years as it invests more in digital services.
TVNZ's full year net profit of $25.5 million for the year ended June, included a non-cash gain of $15m, associated with adjustments from the year earlier net loss of $85.2m.
TVNZ was also paying the government a dividend of $3.1m for the first time in four years, with difficult trading conditions over the past few years.
"As a business we're made huge strides toward our 'digital first' goals, but importantly, we've done this while keeping our focus firmly on audiences and advertisers and what they need today," chief executive Jodi O'Donnell said.
Jodi O'Donnell is TVNZ's chief executive. (File photo) Photo: Supplied / TVNZ
Total annual revenue was down 2.7 percent to just over $281m, while digital revenue was up nearly 13 percent and accounted for a quarter of total revenue.
"TVNZ's transition to a digital-first operating model is well underway," she said.
Still the outlook was for an underlying loss in each of the next two financial years ending in June, as TVNZ invested more in technology, funded by its cash reserves.
"This is a once in a generation opportunity to invest in TVNZ and secure a vibrant and sustainable future. It will ensure we can continue to serve all New Zealanders with our unique content mix of local content, trusted news, exhilarating sporting moments and the very best entertainment well into the future."
She said TVNZ was still New Zealand's biggest free-to-air offering, reaching 2.4 million viewers weekly, though there had been an 11 percent increase in the number of viewers watching online.
Nine-out-of-10 of the top broadcast programmes were produced in New Zealand and all appeared on TVNZ 1, with 1News at 6, Country Calendar and New Zealand's Best Homes with Phil Spencer rounding out the top three.
"We're focused on managing our audience transition through offering the products and services we know our audiences and advertisers love and securing the best content to air across our channels and platforms," O'Donnell said.
TVNZ would provide an update on the current year's financial performance when it reports its first half result, early in 2026.
Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
