Seven West Media says it could further cut costs amid advertising slump and rise of streaming

Drop in spending by advertisers brought on by inflationary pressures comes as free-to-air TV grapples with streaming’s continued popularity

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Seven West Media has warned it will need to further cut costs if an advertising slump hurting television networks and publishers around the world continues to erode revenue streams while it also grapples with the rise of global digital streaming services.

The owner of the Seven Network and West Australian Newspapers reported a sharp 52.6% slide in net profit to $54.5m in its half-year results, released on Tuesday, even as its overall audience numbers ticked higher.

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