Media24 Revenue Falls While IOL Grows
What Happened at Media24?
Naspers reported that Media24’s revenue dropped 28 % to about $102 million (roughly R1.7 billion) for the year ending March 2026, down from $141 million (R2.3 billion) the previous year. Even though revenue fell, the division’s adjusted EBITDA rose from $10 million to $16 million.
The drop is mainly because Media24 is moving away from print and becoming a digital‑first business. Legacy newspaper and magazine sales are shrinking, while the company spends more on new technology and digital platforms.
Restructuring Details
- Media24 now employs 1,194 people across online news, magazines, newspapers, books and TV.
- In 2024 the firm announced a plan to cut up to 400 jobs and shift another 400 to Novus Holdings.
- It also sold its community newspaper and distribution businesses.
Why the Whole Industry Feels Pressure
The Reuters Institute’s 2026 Digital News Report shows that readers worldwide are getting news more from social media, video apps and influencers than from publishers’ own sites. Trust in news is at its lowest point since the institute started tracking.
Three big trends stand out:
- News consumption is increasingly “platformized” – people see stories on Facebook, TikTok, YouTube, etc.
- Video creators and YouTubers are now key parts of the news ecosystem.
- Overall trust in journalism continues to decline.
In South Africa, newsrooms keep shrinking as print cuts continue, especially after Media24’s print restructuring that began in 2024. Publishers realize that advertising alone cannot pay for journalism, so they are testing subscriptions, AI tools and new revenue streams.
IOL’s Growth Push
While Media24 trims back, IOL is moving in the opposite direction. The digital‑only publisher secured more than $200 million in fresh investment from international shareholders.
IOL plans to hire at least 200 journalists, multimedia producers, designers and digital specialists. Its recent job ad attracted over 3,000 applications.
Where the Money Is Going
- Building new editorial teams focused on breaking news, features and investigative work.
- Investing in artificial intelligence for data‑driven storytelling and personalized news feeds.
- Upgrading publishing technology and mobile apps.
- Running audience‑development campaigns to grow reach and engagement.
IOL CEO Viasen Soobramoney said the goal is to become South Africa’s leading digital publisher, using the new funding to match the outlet’s existing audience and editorial strength.
Conclusion
The contrasting moves of Media24 and IOL highlight a turning point for South African news. Legacy publishers are cutting costs and shifting to digital, even if it means lower short‑term revenue. Meanwhile, agile digital‑first players are raising capital, hiring talent and betting on technology to capture the growing online audience. How each strategy plays out will shape the future of how South Africans get their news.
