Meredith Corporation’s totaladvertising revenue grew 2% to $934 million across the company in the fiscal 2017 year, according to its latest earnings report.
Unlike most companies, Meredith’s fiscal yearruns from July 1 to June 30, meaning its fiscal 2017 fourth quarter and full year ended June 30. Its fiscal 2018 year started July 1.
Total company revenues grew 4% to$1.7 billion for fiscal 2017.
"We delivered record revenue and profit in fiscal 2017, as we continue to aggressively execute our multiplatform growth strategies, including rapidexpansion of our highly profitable digital activities," stated Meredith chairman and CEO Stephen M. Lacy.
Meredith’s Corp.’s total digital advertising revenueacross the company grew 20%.
Meredith Corp. is broken out into two major divisions: the Local Media Group, with includes 17 television stations, and the National Media Group, whichcontains the magazines and reaches more than 110 million American women every month, including over 70% of U.S. millennial women.
National Media Group’s digital advertisingincreased more than 20% and represented over 30% of its total advertising in its fiscal 2017 year, offsetting declines in print advertising, according to Meredith president and COO Tom Harty.
In 2017, Meredith launchedThe Magnolia Journal, a quarterly lifestyle magazine produced in collaboration with Joanna and Chip Gaines, the stars of the HGTV show “Fixer Upper.” It is thepublisher’s strongest-selling newsstand title and is currently selling more than 900,000 copies of each issue.
"We expanded our audience across media platforms and launched newproducts to strengthen our competitive position with Millennial consumers and advertisers wanting to reach them," stated Harty.
Harty added Meredith generated a record $63 million ofpolitical advertising revenues in fiscal 2017, likely helped by the presidential election in the fall of last year.
Traffic across Meredith's digital properties averaged 86 millionmonthly unique visitors, an increase of 8% compared to the previous year.Circulation revenues were $322 million, down 2%, but flat when excluding More and ,