Meredith has achieved an 11% hike to $902 million for its fiscal 2021 second-quarter YoY, and a 4% hike to $1.595 billion for its first half. That was driven, in large part, by digital ad sales.
This marks the first time that digital ad revenue has surpassed magazine advertising, “a historic accomplishment and a critical piece of our long-term strategy,” states CEO Tom Harty.
Meredith’s digital unit, National Media Group, pulled a 22% hike in ad revenue in the second quarter. In addition, sessions to Meredith's sites grew by 16%, led by People, Allrecipes, Martha Stewart Living and InStyle.
National Media also enjoyed a 34% boost in digital consumer/licensing revenue in Q2, the top performers being Apple News+ and sales of Better Homes & Gardens-branded products at Walmart stores and at Walmart.com.
In addition, during the quarter, the company experienced a 96% boost in political spot and digital advertising over those of the 2018 election cycle. This came mostly from the Phoenix and Atlanta markets, which pulled in roughly 60% of total political advertising.
Meredith also saw YoY improvement in its magazine and nonpolitical advertising platforms.
Second-quarter earnings from continuing operations hit $149 million, more than doubling the prior year’s total.
However, Harty notes the COVID-19 pandemic continues to impact certain aspects of our business.”
Meredith has experienced a decline in the mid-teens in comparable National Media Group magazine advertising and Local Media Group nonpolitical advertising sales YoY. The company claims to reach over 190 consumers, including 95% of women in the U.S.