Is digital audio finally making money, or is it still just a drain on resources?

Digital audio has transitioned into a profitable growth engine, with the LiSTNR platform reaching EBITDA profitability of $2.0 million in FY25. This turnaround is supported by a 28.8% surge in digital revenue, which now totals $45.1 million.

What is the long-term growth outlook for this sector?

The Australian digital radio industry is forecast to expand at a 30% CAGR, reaching $189 million in total revenue by FY28. This sustained growth trajectory positions digital platforms as the primary value drivers for the media sector over the next three years.

Is traditional radio still declining, or has it found a floor?

The broadcast market has stabilized, evidenced by a 2.8% increase in broadcast radio revenue to $377 million in FY25. Combined with a 2.5% reduction in non-revenue related expenses, the traditional business now provides a stable, cash-generative base for digital expansion.

How healthy is the balance sheet following the recent restructuring?

The company has significantly de-risked its financial position, reducing leverage to 1.1 times following a $40.1 million debt repayment. Net debt now stands at $67.6 million, allowing for a higher-than-expected 4-cent fully franked dividend.

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SCA results - digital is now the growth engine of radio

Southern Cross Austereo pivots to an 'all audio' strategy as digital revenue grows 28.8% to $45.1 million in FY25.

David Kennedy · Venture Insights27 August 2025Period: FY254 min read

28.8%↑

Year-on-year growth in SCA digital division revenue to $45.1m

$71.1m↑

Underlying continuing operations EBITDA excluding TV assets

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Abstract

Southern Cross Austereo (SCA) has successfully navigated a challenging media landscape by divesting its underperforming regional TV assets and doubling down on its 'all audio' strategy. The FY25 results highlight a pivotal moment where digital operations, led by the LiSTNR platform, have transitioned from a cost center to a profitable growth engine. With digital revenue growing at nearly 30% and broadcast markets stabilizing, SCA is now positioned as a lean, high-growth target in a consolidating Australian media market.

Key Takeaways

SCA reported a significant financial turnaround in FY25, driven by its strategic shift to an 'all audio' model following the sale of regional TV assets.
Digital audio revenue surged 28.8% to $45.1 million, with the LiSTNR platform reaching EBITDA profitability for the first time at $2.0 million.
Broadcast radio revenue saw modest growth of 2.8% to $377 million, indicating the traditional advertising market has passed its low point.

SCA results - digital is now the growth engine of radio

Abstract

Key Takeaways

What's Inside

SCA finances turn upwards

Segment performance

SCA delivers on its “all audio” strategy

Why this matters

Frequently Asked Questions

Abstract

Key Takeaways

What's Inside

SCA finances turn upwards

Segment performance

SCA delivers on its “all audio” strategy

Why this matters

Frequently Asked Questions

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