More than 50% of Dow Jones profit came from B2B

News Corp. CEO Robert Thomson made the following comments during its earnings conference call:

In fact, fiscal ’24 was a pivotal moment in the history of the company. As it was the first year in which more than 50% of Dow Jones profitability was driven by the surging B2B segment. Indeed, it is difficult to overstate the impact of B2B growth on Dow Jones and News Corp over the past four years as B2B revenue has expanded at a compound annual rate of 17% and the margin at Dow Jones has broadened from 15% to 24% while segment EBITDA has more than doubled.

Crucially, Digital accounted for 80% of fiscal 2024 segment revenue, up from 67% in 2020. And the core B2B products have renewal rates north of 90%. In that same 4-year span, total subscriptions in the consumer business have burgeoned nearly 55% with digital subs almost doubling.

For the fourth quarter, Dow Jones gained 158,000 digital subscribers sequentially and digital advertising expanded 14% year-over-year, more than offsetting the expected declines in print advertising. The quality of Wall Street Journal content continues to be a differentiator as our company signed a valuable multiyear content licensing agreement with the London Stock Exchange Group to provide WSJ news and analysis to its corporate clients, thus building our brand in the European marketplace.

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