KUALA LUMPUR: Media Prima Bhd is confident of maintaining its position as a leader in the ever-changing media landscape, backed by technological expertise, data driven insights, strong market intelligence and talented team.
Group chairman Syed Hussian Aljunid said the financial year 2024 (FY24) presented a unique operating environment for Media Prima within the media landscape.
Syed Hussian said the advertising spending patterns underwent adjustments, with some major advertisers reevaluating their budgets.
"We are confident in our ability to adapt to these evolving market dynamics. While the market experienced cutbacks in spending from some major advertisers, we concentrated on new markets such as the small and medium enterprise sector while maintaining operational efficiencies," he said in Media Prima's 2024 annual report.
The report features a detailed review of the company's strategic direction, along with key financial and operational milestones achieved over the past year.
Syed Hussian expects global economic and geopolitical uncertainties to continue in the immediate future.
Nonetheless, he said this financial year has demonstrated the company's collective ability to withstand the challenges.
"Media Prima remains dedicated to maintaining our leadership position across all platforms while maintaining operational efficiency.
"This approach aligns with our three year business plan, centred around three growth pillars including enhancing content quality, premium inventory and exploring new revenue streams.
"This strategic roadmap demonstrates our commitment to consistently delivering value to shareholders, consolidating operations, and leveraging our strengths as an integrated media group," he said.
Meanwhile, group managing director Rafiq Razali said Media Prima is investing in its digital capabilities and harnessing the power of artificial intelligence (AI).
"The infusion of AI and adoption of new technologies for audience engagement has brought new life to what were often labelled as 'traditional media'.
"Our strategy is clearly paying off - we are achieving record-high television viewership, our radio network leads the industry, and NSTP's online audience remains the country's strongest," he said.
Rafiq said the company believes this will bring a new dimension to the industry and provide opportunities to reach new audiences and to monetise content more effectively.
"While the short-term outlook may be challenging, we are confident in our long-term prospects. Our strong brand recognition, loyal audience, and dedicated team provide us with a solid foundation to not only navigate these turbulent times, but to actively seek and seize emerging opportunities."
Rafiq said Media Prima will continue to invest in high-quality content creation, cutting- edge technologies, and strategic partnerships.
This will ensure its offerings remain relevant, engaging and resonate deeply with its diverse audiences.
"Simultaneously, we have explored new avenues for growth, leveraging our deep understanding of the Malaysian market and our unwavering commitment to innovation," he added.