Foxtel’s battle against Netflix: Earnings slide, but subscribers grow
Australia’s dominant pay TV provider Foxtel is in the trenches in the fight against new subscription video services like Netflix, and it’s taking a financial hit.
In the Australian financial year that ended in June, Foxtel’s earnings fell by 8.2%, according to the company’s annual report.
At the same time, subscribers grew by 8.6% to 2.8 million as the company cut prices on its signup packages, including an A$25 per month basic entertainment offer. The launch of its own streaming provider with Seven West Media, Presto, and marketing costs also dented earnings, the report said. Read more…