The largest independent media house in East and Central Africa, Nation Media Group (NMG), has released its six months financials, ending December 2020, reflecting revenue growth from TV and digital products. The Group had previously reported losses for the first half of the year due to the COVID19 pandemic and governmental regulations and restrictions, which saw businesses scale down operations and others partially operating while other companies closed entirely.
In the released financial, NMG’s total comprehensive income for the year ending December 2020 stood at Ksh135.5 million (US$1.25 million). The high profits came as a vital rescue following the first half of the year’s losses which amounted to Ksh352.7 million (US$3 million). Although the Group made a profit, it was significantly lower than the previous year’s income which stood at Ksh862.6 million (US$8 million).
As stated in media reports, NMG has faulted the decline in income to COVID19 lockdown regulations, which affected newspaper distribution; however, the drop in sales was then mitigated through the sale of e-paper subscriptions which significantly grew during the lockdown period.
In a statement released by NMG, the Group said that the overall performance, particularly television and digital revenues, grew substantially while print advertising and circulation volumes commenced recovery. The Group’s digital brand, ‘Nation. Africa’, launched in July 2020 and had continued to register colossal growth the Group’s mission to become a modernised content leader company in the mobile publishing landscape in Africa, added NMG.
According to reports, post its introduction of the paywall, NMG had announced that its subscribers had risen to more than 52 000. The Group has been increasing paid digital content investment, which has presented itself as the best avenue during the slowed-down circulation and advertising revenue that the COVID19 pandemic has influenced.