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Corus results fall short of expectations as agencies shift marketing focus,
Corus Entertainment Inc. says its first-quarter results fell short of expectations as some of its television advertisers adjusted spending priorities during the final months of 2017.
“The advertising industry continues to reassess and recalibrate as marketers evolve their media modelling strategies to optimize the mix of TV, radio and digital media elements,” Corus CEO Doug Murphy told analysts.
He said longer-term TV advertising bookings were on a good pace heading into the fall programming season and appeared headed for modest growth.
“However, as the quarter progressed, we saw a shift towards shorter-term buys . . . (and) as we approached the end of the calendar year it also became apparent that certain advertising commitments would not be fulfilled as forecast.”
Murphy said Corus is actively pursuing several initiatives to change the way it does business with advertisers but it needs to do so with partners such as advertising agencies and cable companies.
“We can’t just snap our fingers and have the complete rollout done. That’s where I think we all need to be somewhat patient,” Murphy said.
Revenue at the television and radio media company totalled $457.4 million, down from $468.0 million in the quarter a year ago.