Digital subscriptions boost News

NEWS Corp has chalked up a 23 per cent jump in revenue for the past quarter, helped by strong growth in online subscriptions and its extensive digital real estate operations.

The media heavyweight yesterday booked revenue of $US2.52 billion ($3.46 billion) for the three months to September. That was up from $US2.06 billion a year earlier.

Net income surged 47 per cent to $US128 million from $US87 million a year earlier.

News Corp chief Robert Thomson said the new financial year was off to an “impressive start”.

He said revenue and earnings growth reaffirmed the strategy to “focus on digital development, and to put particular emphasis on subscriptions as the advertising market continues to evolve”.

On a call with analysts and media, he said the transition to digital continued “and we will strive as a company to change the contours of the content landscape for the sake of our businesses and our societies”.

He described the advertising market as “choppy”.

New Corp, publisher of mastheads including the Mercury and The Australian, reported strong paid digital subscriber growth. At its Australian newspapers, there were more than 440,000 digital subscribers at the end of September, compared with about 375,000 a year earlier. News Corp’s digital real estate services operations booked a 8 per cent rise in revenue to $US293 million, thanks to continued growth at REA Group, owner of the realestate.com.au website, and Move.