Corus continues to grow ad revenue in Q1

The company attributed growth to the strength of its fall TV schedule and momentum behind StackTV.

Corus is continuing to see revenue growth driven by new ad selling methods and uptake of streaming services its first quarter of the 2022 fiscal year.

Total revenue at Corus was up 10% year-over-year in Q1. Overall television ad revenue grew by 16% year-over-year, with subscriber revenue up 3%. Total TV revenue $434.8 million, surpassing pre-pandemic levels. Radio revenue, primarily made up of advertising, was up 3% year-over-year.

John Gossling, Corus’ CFO, said during a call with investors that the growth was reflective of the company’s fall TV schedule – during which Global’s shows gave it the spot as the top conventional network in primetime – and a relative return to normalcy when it came to TV schedules. The growth was also attributed to growth in digital ads and uptake of advanced ad offerings.

Optimized Advertising Revenue – a measure Corus began reporting last year to reflect new ways it is selling TV ads, such as by audience segments or through its Cynch automated platform – was up 65% from the prior year, representing 37% of TV ad revenues.

Corus also reported that New Platform Revenue – a measure reflecting both subscriber and advertising revenue from streaming and digital platforms – was up 41% year-over-year, representing 9% of revenue brought in from subscribers and ads (the company did not break down how much of the growth was attributable to ads or subscribers).

During the investor call, Corus president and CEO Doug Murphy was bullish on the ads-and-subs StackTV streaming service, which he called “a game-changer” that is riding strong momentum to its goal of one million subscribers (between StackTV and Nick+, the company now has over 750,000 streaming subscribers).

Murphy also said there was strong demand from traditional BDUs to carry StackTV as a standalone streaming offering, and the company is planning for such a launch on Rogers Ignite TV and SmartStream platforms.

Yesterday Corus also announced it has sold more than 250 hours of content for the upcoming year.