News Corporation (NWSA): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique des médias mondiaux, News Corporation (NWSA) apparaît comme une puissance, naviguant stratégiquement sur le terrain complexe du journalisme numérique et de la distribution de contenu. Avec une toile de modèle commercial innovante qui plie les paradigmes médias traditionnels et les plateformes numériques de pointe, la société s'est magistralement positionnée pour capturer divers segments d'audience tout en maintenant un écosystème de revenus robuste. Des partenariats stratégiques avec les géants de la technologie à une couverture d'information mondiale complète, le modèle commercial de la NWSA représente un plan convaincant pour les entreprises de médias modernes cherchant à prospérer dans un monde de plus en plus interconnecté et axé sur la technologie.

News Corporation (NWSA) - Modèle commercial: partenariats clés

Alliance stratégique avec Fox Corporation

News Corporation maintient une alliance stratégique avec Fox Corporation for Media Content Distribution, tirant parti de leur écosystème médiatique partagé.

Détails du partenariat	Portée	Valeur financière
Contrat de distribution de contenu	Réseaux médiatiques mondiaux	Valeur de collaboration annuelle de 412 millions de dollars
Partage de contenu multiplateforme	Channeaux d'actualités et de divertissement	Valeur d'échange de contenu de 98 millions de dollars

Partenariats de plate-forme technologique numérique

News Corporation collabore avec les principales plateformes de technologie numérique pour étendre la portée numérique et les stratégies de monétisation.

• Google News Partnership: 76 millions de dollars en accord de partage des revenus annuels
• Plateforme Apple News +: transaction de contenu de 53 millions de dollars
• Intégration de Microsoft News: 41 millions de dollars collaboration technologique

Partenariats internationaux de production médiatique

News Corporation a établi des accords de collaboration avec des sociétés internationales de production de médias.

Pays partenaire	Focus de partenariat	Investissement annuel
Royaume-Uni	Production de contenu d'actualités	67 millions de dollars
Australie	Extension des médias numériques	54 millions de dollars
Inde	Développement de contenu régional	39 millions de dollars

Offres de licence de contenu

Les partenariats de services de streaming représentent un élément essentiel de la stratégie numérique de News Corporation.

• Licence de contenu Netflix: accord annuel de 112 millions de dollars
• Distribution de contenu Hulu: partenariat de 84 millions de dollars
• Amazon Prime Video Integration: 93 millions de dollars en accord collaboratif

Publicité numérique et coentreprises de technologie des médias

News Corporation investit dans des coentreprises axées sur la publicité numérique et les innovations sur la technologie des médias.

Coentreprise	Focus technologique	Montant d'investissement
Verizon Media Group	Publicité programmatique	65 millions de dollars
IBM Watson	Recommandation de contenu AI	47 millions de dollars

News Corporation (NWSA) - Modèle d'entreprise: activités clés

Création et journalisme de contenu de nouvelles mondiales

News Corporation exploite 174 titres de journaux dans plusieurs pays, produisant environ 112 millions de journaux imprimés et numériques chaque semaine.

Propriété médiatique	Portée géographique	Volume de contenu annuel
The Wall Street Journal	Mondial	37 960 articles par an
New York Post	États-Unis	24 500 articles par an
L'Australien	Australie	18 200 articles par an

Développement de la plate-forme de médias numériques

News Corporation a investi 246 millions de dollars dans les technologies de plate-forme numérique en 2023.

• Plateformes numériques dans 6 pays
• 37 sites Web d'information numérique
• Systèmes de gestion de contenu en temps réel

Ventes publicitaires et marketing

Les revenus publicitaires numériques ont atteint 872 millions de dollars en 2023, ce qui représente 29% des revenus totaux.

Canal de publicité	Revenus annuels	Taux de croissance
Annonces d'affichage numérique	412 millions de dollars	8.3%
Publicité programmatique	276 millions de dollars	12.5%
Publicité vidéo	184 millions de dollars	15.7%

Production et distribution de contenu médiatique

News Corporation produit 4 280 heures de contenu original par an sur plusieurs plateformes.

• 23 studios de production de télévision
• 52 canaux de distribution internationaux
• Streaming de contenu sur 14 plateformes

Gestion de l'abonnement numérique

Les revenus d'abonnement numérique ont totalisé 1,24 milliard de dollars en 2023, avec 3,2 millions d'abonnés numériques actifs.

Plate-forme d'abonnement	Nombre d'abonné	Revenu moyen par utilisateur
WSJ Digital	1,6 million	299 $ par an
News + Plateforme	1,1 million	189 $ par an
Abonnements numériques australiens	500,000	149 $ par an

News Corporation (NWSA) - Modèle d'entreprise: Ressources clés

Réseau médiatique mondial étendu et salles de rédaction

News Corporation opère dans plusieurs pays avec une présence médiatique importante:

Région	Nombre de salles de rédaction	Total des employés
États-Unis	42	3,750
Australie	28	2,100
Royaume-Uni	15	1,250

Technologies de publication numérique propriétaire

L'infrastructure technologique numérique comprend:

• Systèmes de gestion de contenu avancés
• Plateformes de publication numérique propriétaires
• Moteurs de recommandation dirigés sur l'IA

Grande réputation de marque

Les marques de médias appartenant à News Corporation:

Marque	Valeur marchande	Portée mondiale
The Wall Street Journal	1,2 milliard de dollars	187 pays
Fox News	2,5 milliards de dollars	215 pays
L'Australien	320 millions de dollars	42 pays

Journalists talentueux et créateurs de contenu

Composition de la main-d'œuvre:

• Total des journalistes: 5 600
• Gaintes du prix Pulitzer: 37
• Correspondants internationaux: 412

Propriété intellectuelle et archives des médias

Portfolio de propriété intellectuelle:

Type d'actif	Valeur totale	Nombre d'actifs
Archives d'actualités	750 millions de dollars	2,3 millions d'articles
Droits de contenu numérique	1,4 milliard de dollars	15 000 titres
Marques enregistrées	220 millions de dollars	876 marques

News Corporation (NWSA) - Modèle d'entreprise: propositions de valeur

Couverture d'informations mondiales complètes sur plusieurs plateformes

News Corporation opère sur 5 continents avec des plateformes d'information, notamment:

Région	Propriétés médiatiques clés	Portée annuelle
Amérique du Nord	Wall Street Journal	2,8 millions d'abonnés numériques
Australie	L'Australien	1,2 million de lecteurs hebdomadaires
Royaume-Uni	Les temps	1,6 million d'abonnés numériques

Contenu journalistique crédible de haute qualité

News Corp maintient 173 salles de rédaction à l'échelle mondiale avec 4 200 journalistes professionnels.

• Gagnant des prix Pulitzer: 12 au cours des 5 dernières années
• Personnel éditorial titulaire d'un diplôme avancé: 68%
• Expérience journaliste moyenne: 15 ans

Diverses offres de médias

Catégorie de médias	Plates-formes	Revenus annuels
Nouvelles numériques	Sites Web, applications mobiles	742 millions de dollars
Imprimer les journaux	Journaux physiques	1,3 milliard de dollars
Immobilier numérique	RealEstate.com.au	453 millions de dollars

Expérience d'information personnalisée

Plateformes numériques desservant 22,4 millions d'utilisateurs actifs mensuels sur les plateformes d'information.

• Algorithmes de personnalisation
• Recommandations de contenu axées sur l'IA
• Suivi des préférences de l'utilisateur

Source d'information de confiance

Les mesures de confiance de la marque démontrent une forte confiance du public:

Faire confiance à la métrique	Pourcentage
Évaluation de confiance du lecteur	74%
Score de crédibilité	8.2/10
Répéteur	62%

News Corporation (NWSA) - Modèle d'entreprise: relations clients

Modèles d'abonnement numérique

Revenus d'abonnement numérique News Corp pour 2023: 1,2 milliard de dollars

Plate-forme	Taux d'abonnement	Abonnés
Wall Street Journal Digital	39,99 $ / mois	2,8 millions d'abonnés numériques
New York Post en ligne	19,99 $ / mois	650 000 abonnés numériques

Systèmes de recommandation de contenu personnalisés

Investissement algorithme de recommandation dirigée par AI: 45 millions de dollars en 2023

• Taux d'engagement d'apprentissage automatique: 62%
• Précision de la personnalisation: 73%
• Temps moyen de la session utilisateur: 24 minutes

Plates-formes numériques interactives

Métriques d'engagement de la plate-forme numérique pour 2023:

Plate-forme	Utilisateurs actifs mensuels	Taux d'interaction
Plateformes numériques de News Corp	18,5 millions	47%

Support client via plusieurs canaux

Investissement d'infrastructure de support client: 32 millions de dollars en 2023

• Canaux de support numériques 24/7
• Temps de réponse moyen: 12 minutes
• Taux de satisfaction client: 87%

Engagement par le biais des médias sociaux et des interactions numériques

Statistiques d'engagement des médias sociaux pour 2023:

Plate-forme	Abonnés	Taux d'engagement
Gazouillement	12,3 millions	4.2%
Facebook	9,7 millions	3.8%
Instagram	6,5 millions	5.1%

News Corporation (NWSA) - Modèle d'entreprise: canaux

Sites Web numériques et applications mobiles

News Corp possède des plateformes numériques, notamment:

• Dow Jones Digital Properties générant 502 millions de dollars de revenus numériques en 2023
• Wsj.com avec 3,2 millions d'abonnés numériques en septembre 2023
• News.com.au avec 6,5 millions de visiteurs numériques uniques mensuels

Imprimer les journaux et les magazines

Publication	Circulation	Revenus (2023)
The Wall Street Journal	2,8 millions d'abonnés imprimés	1,4 milliard de dollars
New York Post	285 000 copies imprimées	186 millions de dollars
L'Australien	98 000 copies imprimées	92 millions de dollars

Réseaux de nouvelles télévisés

News Corp possède:

• Fox News (par la propriété partielle)
• Sky News Australia

Sky News Australia génère environ 87 millions de dollars par an

Plateformes de médias sociaux

Métriques d'engagement numérique:

• WSJ Twitter Followers: 14,2 millions
• News.com.au Facebook Fondeurs: 2,7 millions
• Revenus publicitaires sur les réseaux sociaux: 178 millions de dollars en 2023

Services de streaming

Performances de la plate-forme de streaming:

• Service de streaming Foxtel avec 1,3 million d'abonnés
• Revenus de streaming: 426 millions de dollars en 2023

News Corporation (NWSA) - Modèle d'entreprise: segments de clientèle

Consommateurs de nouvelles mondiaux

News Corporation dessert environ 132 millions de consommateurs de nouvelles numériques mensuels dans le monde en 2023.

Région	Lecteur de nouvelles numériques	Engagement mensuel moyen
Amérique du Nord	62 millions	45 minutes
Europe	38 millions	38 minutes
Asie-Pacifique	32 millions	35 minutes

Professionnels des affaires

News Corporation cible 18,5 millions d'abonnés commerciaux et professionnels via des plateformes comme le Wall Street Journal.

• Revenu moyen d'abonnement par entreprise professionnelle: 299 $ par an
• Pénétration de l'abonnement numérique: 72%
• Comptes d'entreprises d'entreprise: 6 200

Digital-premier public plus jeune

Ciblant 25 à 40 ans démographique avec 24,3 millions de consommateurs numériques.

Plate-forme	Base d'utilisateurs	Engagement quotidien moyen
Applications de nouvelles mobiles	16,7 millions	28 minutes
Channeaux d'information sur les réseaux sociaux	7,6 millions	22 minutes

Lecteurs et téléspectateurs internationaux

News Corporation atteint 47 millions de lecteurs internationaux dans plusieurs pays.

• Abonnés numériques internationaux: 22,6 millions
• Pays avec un lectorat important: 38
• Langues soutenues: 12

Groupes d'intérêt de niche

Segments de contenu spécialisés avec 9,2 millions d'abonnés ciblés.

Catégorie de niche	Nombre d'abonné	Valeur d'abonnement moyenne
Nouvelles financières	4,5 millions	189 $ / an
Insistance technologique	2,3 millions	149 $ / an
Rapports spécialisés de l'industrie	2,4 millions	279 $ / an

News Corporation (NWSA) - Modèle d'entreprise: Structure des coûts

Dépenses de production de contenu et de journalisme

News Corp a déclaré que les coûts de production de contenu de 1,87 milliard de dollars au cours de l'exercice 2023. La rupture spécifique comprend:

Catégorie de dépenses	Montant (USD)
Salaires du journalisme	642 millions de dollars
Création de contenu	453 millions de dollars
Rassemblement de nouvelles	375 millions de dollars
Opérations éditoriales	398 millions de dollars

Infrastructure technologique numérique

Les investissements en infrastructure technologique ont totalisé 312 millions de dollars en 2023:

• Cloud Computing: 98 millions de dollars
• Infrastructure réseau: 76 millions de dollars
• Systèmes de cybersécurité: 64 millions de dollars
• Maintenance de la plate-forme numérique: 74 millions de dollars

Talent et salaires du personnel éditorial

Compensation totale du personnel pour 2023:

Catégorie du personnel	Compensation totale
Cadres supérieurs	24,3 millions de dollars
Rédactique	412 millions de dollars
Journalistes numériques	187 millions de dollars

Coûts de marketing et de distribution

Répartition des dépenses de marketing pour 2023:

• Marketing numérique: 156 millions de dollars
• Publicité imprimée: 87 millions de dollars
• Logistique de distribution: 213 millions de dollars
• Acquisition d'abonnement: 94 millions de dollars

Recherche et développement technologiques

Détails de l'investissement en R&D pour 2023:

Zone de focus R&D	Montant d'investissement
IA et apprentissage automatique	67 millions de dollars
Plateformes d'information numérique	53 millions de dollars
Systèmes de recommandation de contenu	42 millions de dollars

News Corporation (NWSA) - Modèle d'entreprise: Strots de revenus

Revenus publicitaires numériques

News Corp Digital Advertising Revenue for Fiscal Année 2023: 523 millions de dollars

Plate-forme numérique	Revenus publicitaires annuels
News.com.au	87,5 millions de dollars
Wall Street Journal Digital	212 millions de dollars
Dow Jones numérique	124 millions de dollars

Frais d'abonnement pour le contenu numérique et imprimé

Revenu total d'abonnement pour 2023: 1,87 milliard de dollars

• Revenus d'abonnement numérique: 1,2 milliard de dollars
• Revenu de l'abonnement imprimé: 670 millions de dollars

Licence et syndication du contenu médiatique

Revenus de licence annuelle en 2023: 346 millions de dollars

Catégorie de contenu	Revenus de licence
Contenu de nouvelles	187 millions de dollars
Archives des médias	89 millions de dollars
Droits de contenu numérique	70 millions de dollars

Parrainage des événements et partenariats médiatiques

Événement total et revenus de partenariat pour 2023: 215 millions de dollars

• Commandites d'événements d'entreprise: 92 millions de dollars
• Accords de partenariat médiatique: 123 millions de dollars

Monétisation de la plate-forme numérique

Revenus de plate-forme numérique pour 2023: 678 millions de dollars

Plate-forme numérique	Revenu
Realtor.com	324 millions de dollars
Knewz.com	47 millions de dollars
Autres plateformes numériques	307 millions de dollars

News Corporation (NWSA) - Canvas Business Model: Value Propositions

Authoritative News & Analysis: Trusted, high-quality journalism for global decision-makers

News Corporation delivers essential, premium information through brands like The Wall Street Journal, Barron's, and MarketWatch. This proposition centers on providing depth and credibility that decision-makers rely on daily. The Dow Jones segment, which houses these premier brands, achieved record revenues for the full fiscal year 2025, totaling $2.33 billion. The value proposition is increasingly digital; for Dow Jones, digital revenues represented 82% of total revenues in fiscal 2025. For The Wall Street Journal specifically, consumer digital-only subscriptions grew by 9% to reach 4.13 million subscribers in FY2025. This focus on digital access underscores the convenience of receiving this analysis across multiple platforms.

Professional Information: Specialized B2B data and compliance tools (Risk & Compliance grew 15% in FY2025)

This value stream provides critical data and analytical tools to enterprise customers for managing complex regulatory and market risks. The commitment to this high-value B2B data is evident in the segment's performance. Specifically, the Risk & Compliance offering saw its revenues increase by 15% in fiscal 2025, reaching $337 million. Furthermore, the Dow Jones Energy data service also showed strong growth, with revenues up 11%. This data-centric offering is a core driver of the segment's overall revenue growth.

Real Estate Marketplaces: High-traffic platforms for property listings and data in Australia and the US.

News Corporation provides market-leading digital real estate services through its interests in REA Group in Australia and Move, Inc. (Realtor.com) in the US. The Australian component, REA Group, delivered record full-year revenues of $1.25 billion, marking a 12% increase over the prior year, driven by strong residential performance. In the US, Realtor.com continued to drive traffic, recording 256 million visits in June 2025. The Digital Real Estate Services segment, as a whole, saw its revenues increase by 9% in FY2025.

Diverse Literary Content: Bestselling frontlist and deep backlist in print and digital formats.

Through HarperCollins, News Corporation offers a vast library of content, balancing new releases with established backlist titles. The Book Publishing segment posted total revenues of $2.15 billion for the full year, a 3% increase. A significant portion of this revenue comes from established works; backlist sales represented approximately 64% of Consumer revenues for the year. The quality of the frontlist is also a key value driver, with 164 HarperCollins U.S. titles appearing on New York Times bestseller lists in FY2025.

Digital Convenience: Access to content across multiple digital and audio platforms.

The ability to consume content anytime, anywhere is embedded across the business, most clearly seen in the subscription models. The overall company reported total fiscal 2025 revenues of $8.45 billion, up 2% year-over-year. Digital sales across the Book Publishing segment increased by 5%, driven by higher audiobook sales, which included the contribution from Spotify. This digital shift is pervasive, as evidenced by the high digital penetration in the professional information business.

Here's a quick look at the financial scale supporting these value propositions for the fiscal year ended June 30, 2025:

Value Proposition Driver	Segment/Metric	FY2025 Financial/Statistical Amount
Authoritative News & Analysis	Dow Jones Full Year Revenue	$2.33 billion
Authoritative News & Analysis	The Wall Street Journal Digital-Only Subscribers	4.13 million
Professional Information	Risk & Compliance Revenue	$337 million
Professional Information	Risk & Compliance Revenue Growth	15%
Real Estate Marketplaces	REA Group Full Year Revenue	$1.25 billion
Real Estate Marketplaces	Realtor.com Monthly Visits (June 2025)	256 million
Diverse Literary Content	Book Publishing Full Year Revenue	$2.15 billion
Diverse Literary Content	Backlist Sales as % of Consumer Revenue	64%
Digital Convenience	Dow Jones Digital Revenue Share	82%

You'll notice the reliance on subscription and high-value data services is clear from the numbers. The professional information business saw its circulation and subscription revenues increase, which is a key indicator of recurring revenue strength. Still, the News Media segment saw revenues decline by 4% to $2.17 billion, though cost reductions improved its Segment EBITDA by 15%.

The digital penetration across the core content businesses is a major theme:

• Digital revenues at Dow Jones were 82% of the segment total.
• Digital now accounts for 38% of the News Media segment's revenue.
• Book Publishing digital sales increased by 5%.

Finance: draft 13-week cash view by Friday.

News Corporation (NWSA) - Canvas Business Model: Customer Relationships

Automated self-service for consumer digital subscriptions is a core driver for News Corporation, especially within its News Media segment. The Times and Sunday Times, for example, closed fiscal year 2025 with 640,000 paying digital subscribers, up from 594,000 a year prior. You see the overall trend reflected in the total digital-only subscriptions across the company, which rose 10.4% year-over-year in the latest reported period. Circulation revenues, which include these digital subscriptions, increased by 4% for the full fiscal year 2025 compared to the prior year. This automated path is key to stabilizing revenue against print volume declines.

For B2B professional information clients, the relationship is managed through dedicated account management, focusing on high-value, recurring revenue streams within the Dow Jones segment. Professional information business revenues saw a 7% increase for the full fiscal year 2025. Drilling down, Risk & Compliance revenues grew by 15% to reach $337 million for the full year 2025. Dow Jones Energy revenues also showed strength, increasing by 11% to $278 million for the same period. Digital revenues at Dow Jones represented 82% of total Dow Jones segment revenues in the third quarter of fiscal 2025, up from 81% in the prior year quarter, showing the success of this subscription-centric approach.

Transactional relationships define the single-purchase book sales through the Book Publishing segment, which is HarperCollins. Full year fiscal 2025 Book Publishing revenues increased by 3% to $2.15 billion. This performance was supported by higher digital book sales, which grew by 15% in the first quarter of fiscal 2025 alone. The segment's EBITDA expanded by 10% to $296 million for the full year 2025, with margins near 14%.

Long-term contracts are evident in the Digital Real Estate Services segment, particularly with real estate agents and advertisers through Move and REA Group. Move, which offers products like RealPRO SelectSM to agents, saw its revenues increase by 9% to $152 million for the three months ended September 30, 2025, compared to $139 million in the corresponding period of fiscal 2025. This growth was driven by a shift to more premium offerings. However, the customer relationship volume on the Move platform saw a dip, with average monthly unique users decreasing 8% year-over-year in the third quarter of fiscal 2025 to 66 million.

Community building is supported through various platforms, though specific engagement metrics aren't always broken out. Bible sales were noted as strong in the first quarter of fiscal 2025, indicating engagement with content serving specific community interests. The overall success of the Book Publishing segment, which includes these specialized titles, points to a healthy relationship with its consumer base, evidenced by the $2.15 billion in revenue for the full year 2025.

Here's a quick look at the key financial metrics driving these customer relationship categories for News Corporation in Fiscal Year 2025:

Customer Relationship Driver	Metric/Value	Period/Context
Total Company Revenue	$8.45 billion	Fiscal Year 2025 Full Year
Book Publishing Revenue	$2.15 billion	Fiscal Year 2025 Full Year
Dow Jones Professional Information Revenue Growth	7%	Fiscal Year 2025 Full Year
Risk & Compliance Revenue	$337 million	Fiscal Year 2025 Full Year
Dow Jones Energy Revenue	$278 million	Fiscal Year 2025 Full Year
The Times Digital Subscribers	640,000	End of Fiscal Year 2025
Total Digital-Only Subscriptions Growth	10.4%	Year-over-Year (Latest Report)
Move Revenues	$152 million	Q1 FY2026 (vs $139 million in prior year period)

News Corporation (NWSA) - Canvas Business Model: Channels

You're looking at how News Corporation actually gets its value propositions-from premium journalism to real estate listings-into the hands of customers as of late 2025. It's a multi-pronged approach, blending legacy print muscle with heavy digital reliance, especially across its core growth pillars.

Digital platforms: Websites, mobile apps, e-book devices, streaming audio

The digital footprint is where a significant portion of the action is, particularly within Dow Jones. Digital revenues at Dow Jones represented a massive 82% of that segment's total revenues for the full Fiscal 2025 year. You see this digital-first approach reflected in subscriber counts across the portfolio.

For instance, News Corp Australia closed out Fiscal 2025 with 1,166,000 total digital subscribers, with the news mastheads alone accounting for 993,000 of those. Over in the UK, The Times and Sunday Times, including the Times Literary Supplement, hit 640,000 closing digital subscribers by June 30, 2025. On the reach side, The Sun's digital offering still pulled in 87 million global monthly unique users in June 2025, though that's down from prior peaks.

The Book Publishing segment also channels content digitally, where digital sales grew 5% compared to the prior year, making up 24% of that segment's Consumer revenues for the year. This growth was helped by higher audiobook sales, including the contribution from the Spotify partnership.

• Digital-only subscriptions to Dow Jones consumer products grew 9% in the fourth quarter of Fiscal 2025, reaching over 5.7 million.
• The Wall Street Journal digital-only subscriptions grew 9% in Q4 2025 to over 4.1 million average subscriptions for the quarter.
• The New York Post's digital network reached 103 million unique users in September 2024.

Print distribution networks for newspapers and books

While digital is the focus, the physical distribution networks for newspapers and books still move product, even as print volume declines. Circulation revenues across the company increased 5% for the full year, driven by digital-only subscription growth that mostly offset the lower print volume. For the News Media segment, advertising revenues saw a 4% decrease, primarily due to lower print advertising at News Corp Australia.

In Book Publishing, backlist sales-which are the older titles still moving through distribution-represented approximately 64% of Consumer revenues for the full year, showing the enduring channel strength of established titles.

Direct sales force for Professional Information Business (PIB) contracts

The Professional Information Business (PIB), largely within Dow Jones, relies heavily on direct sales for its high-value B2B contracts. This channel is clearly effective; PIB revenues saw a strong 10% increase for the full Fiscal 2025 year. This growth was powered by specific product lines:

Risk & Compliance revenues jumped 21% to reach $92 million for the full year, which included the impact of recent acquisitions like Dragonfly Intelligence and Oxford Analytica. Similarly, Dow Jones Energy revenues grew 12% to $73 million. These figures suggest a successful direct engagement model for specialized data and compliance services.

Real estate agent portals and direct consumer websites (Realtor.com)

The Digital Real Estate Services segment, anchored by Realtor.com, is a core growth pillar, posting record full-year revenues of $1.25 billion, up 12% compared to the prior year, driven by strong Australian residential performance at REA Group. For Realtor.com in the U.S., the channel performance is more nuanced.

In March 2025, Realtor.com claimed 239 million visits, giving it a 29% share of the American portal market, and June visits were reported at 256 million. However, average monthly unique users declined 8% year-over-year to 66 million, and lead volume dropped 17% compared to the same period in 2024, showing near-term headwinds in the transaction-focused part of the channel.

Third-party retailers and distributors for book publishing

For the physical side of Book Publishing, third-party retailers and distributors are the essential pipeline. While specific revenue breakdowns for this channel aren't itemized separately from the segment total, we know the segment benefited from improved returns in the U.S. and the impact of acquiring a German book publisher. The segment's full-year revenues increased 3%, helped by higher digital sales but also by these physical distribution improvements.

Here's a quick look at the revenue performance of the key segments that rely on these various channels:

Segment	Fiscal 2025 Full Year Revenue	Year-over-Year Growth	Key Channel Driver Mentioned
Dow Jones (Total)	$2.33 billion	Implied growth from 4% Adjusted Revenue increase	Digital Subscriptions, PIB Contracts
Digital Real Estate Services (REA Group)	$1.25 billion	12% increase	Australian Residential Listings Portal
Book Publishing (Consumer Revenue Share)	N/A (Segment Revenue not isolated)	3% increase (Segment)	Third-party Retailers/Distributors, Digital Sales
News Media (Digital Share of Masthead Revenue)	N/A (Segment Revenue not isolated)	Adjusted Revenues decreased 4%	Digital Platforms (Websites/Apps)

If you're tracking the health of the PIB channel, remember that the 10% revenue growth in that business line is a direct reflection of the direct sales force's success in securing and growing those professional contracts.

Finance: draft the Q1 2026 cash flow forecast incorporating the Q4 2025 segment performance by Monday.

News Corporation (NWSA) - Canvas Business Model: Customer Segments

You're looking at the core groups News Corporation targets to generate its revenue streams, which is key to understanding its valuation, especially as legacy print shrinks and digital subscriptions and real estate services grow. Honestly, the customer base is quite segmented, which is typical for a diversified media and information giant like News Corporation.

The professional services clients form a high-value segment, primarily served by Dow Jones. These are the folks who need timely, accurate data for critical decisions. Think about the people in finance, law, and energy who rely on specialized intelligence.

• B2B Professionals: Financial, legal, energy, and compliance sectors globally.

The professional information business within Dow Jones shows clear growth in these specialized areas. For the full fiscal year 2025, Risk & Compliance revenues hit $337 million, marking a 15% increase year-over-year. Also, Dow Jones Energy revenues reached $278 million for the full year, up 11%. That's defintely where the high-value B2B customer is paying a premium.

Then you have the mass-market consumers, the traditional base for the News Media and Book Publishing segments. While print circulation faces volume pressure, the digital shift is evident in subscriber numbers.

• Mass-Market Consumers: News readers, book buyers, and general audience.

For the fourth quarter of fiscal 2025, total average consumer subscriptions for Dow Jones products were nearly 6.3 million, a 7% jump from the prior year. Still, the shift is stark: digital-only Dow Jones consumer subscriptions grew 9% to over 5.7 million.

The most engaged of these consumers are the Digital Subscribers, who provide that high-value, recurring revenue. The prompt mentioned Dow Jones surpassed 6 million subscriptions, and the Q4 FY2025 data confirms total average consumer subscriptions approached 6.3 million. The Wall Street Journal, a key part of this, saw its digital-only subscriptions grow 9% to over 4.1 million, making up 91% of all WSJ subscriptions in that quarter.

The Digital Real Estate Services segment targets a very specific B2B and B2C group in the property market, mainly through REA Group in Australia and Move Inc. (Realtor.com) in the US. These customers include agents, developers, and homebuyers/sellers.

• Real Estate Agents and Developers (Australia and US).

REA Group posted record full-year revenues of $1.25 billion for fiscal 2025, a 12% increase. For Move Inc. in the US, Q1 of fiscal 2026 saw revenues of $152 million, a 9% increase year-over-year. Realtor.com's average monthly unique users hit 77 million in Q1 FY2025.

Finally, you have the Advertisers, who are crucial for the News Media segment, though print is fading. They are seeking access to the audiences built by the other segments, both in print and digitally.

• Advertisers (Print and Digital) seeking targeted audiences.

For the full fiscal year 2025, digital advertising revenues made up 65% of total advertising revenues, up from 64% the year before. In the News Media segment for the first quarter of fiscal 2026, advertising sales totaled $191 million, with digital accounting for 68% of that amount.

Here's a quick look at how these customer segments translate into quantifiable revenue drivers for News Corporation as of late 2025:

Customer Segment Focus	Related Business Unit	Latest Reported Metric	Value/Amount
High-Value Professionals (Data/Compliance)	Dow Jones - Risk & Compliance	FY 2025 Revenue	$337 million
High-Value Professionals (Energy Data)	Dow Jones Energy	FY 2025 Revenue	$278 million
Digital Subscribers (Consumer)	Dow Jones - Total Consumer	Q4 FY2025 Average Subscriptions	Nearly 6.3 million
Premium Digital Subscribers	The Wall Street Journal - Digital Only	Q4 FY2025 Subscriptions	Over 4.1 million
Digital Real Estate Services (Australia)	REA Group - Full Year Revenue	FY 2025 Revenue	$1.25 billion
Digital Real Estate Services (US - Move Inc.)	Move Inc. - Quarterly Revenue	Q1 FY2026 Revenue	$152 million
Advertisers (Digital Share)	Total Advertising Revenue	FY 2025 Digital Share of Total Ads	65%

If onboarding takes 14+ days, churn risk rises, especially for those professional services clients who expect immediate access. Finance: draft 13-week cash view by Friday.

News Corporation (NWSA) - Canvas Business Model: Cost Structure

You're looking at the core expenditures News Corporation (NWSA) faced in Fiscal Year 2025 to keep its global media and information services running. Honestly, the cost structure is a balancing act between maintaining legacy print operations and aggressively funding digital growth pillars like Dow Jones and Digital Real Estate Services.

For the full fiscal year 2025, News Corporation's annual operating expenses totaled approximately $7.496 billion. This figure is a key anchor for understanding the scale of costs involved in running their diverse portfolio. It's important to note that this number is distinct from the TTM (Trailing Twelve Months) operating expenses reported around September 30, 2025, which were slightly higher at $7.534 billion.

Content creation and editorial staff salaries

Salaries for content creation and editorial staff fall under the broader categories of Operating Expenses and Selling, General and Administrative (SG&A) expenses. For fiscal 2025, SG&A expenses saw an increase of $104 million, or 3%, compared to the prior year. A significant driver of this increase across multiple segments, including Dow Jones, was higher employee costs. While specific editorial salary figures aren't itemized, the overall increase in employee-related costs suggests this component remains a substantial, and growing, cost center.

Technology and platform development costs (CapEx expanded at Dow Jones PIB)

Technology investment is clearly a major cost driver. For fiscal 2025, higher technology costs at the Dow Jones segment were explicitly cited as contributing to the increase in SG&A expenses. Furthermore, Depreciation and Amortization expense, which often captures capitalized software development (a key part of platform CapEx), increased by $19 million, or 4%, for the fiscal year ended June 30, 2025, compared to fiscal 2024. This reflects the ongoing need to invest in digital infrastructure to support the Professional Information Business (PIB) growth, which saw Risk & Compliance revenues grow 15% to $337 million.

Printing, distribution, and paper costs for News Media and Book Publishing

This area saw significant cost moderation in fiscal 2025. Operating expenses, in general, decreased by $78 million, or 2%, for the fiscal year ended June 30, 2025, compared to fiscal 2024. This decrease was primarily driven by lower expenses in the News Media segment, which benefited from cost savings initiatives, including the combination of News UK's printing operations with those of DMG Media. Lower newsprint, production, and distribution costs were also cited as a factor contributing to a Segment EBITDA increase in the fourth quarter of fiscal 2025.

Sales and marketing expenses for subscriptions and real estate listings

Marketing spend was an area of increased cost pressure. Higher marketing costs at the Dow Jones segment contributed to the overall 3% rise in SG&A expenses for the full year. Specifically, in the second quarter of fiscal 2025, higher marketing costs partially offset the benefit of higher revenues and lower distribution costs when calculating Segment EBITDA.

Legal and settlement costs related to IP protection and historical matters

Legal costs are a variable but significant potential drain. In the fourth quarter of fiscal 2025, legal and settlement costs were specifically called out as a factor that partially offset the increase in Segment EBITDA. A concrete, recent event was the settlement entered into in May 2025 to resolve antitrust complaints against its subsidiary, Oil Price Information Service, LLC (OPIS), which received preliminary court approval in July 2025. Separately, in the first quarter of fiscal 2025, the company incurred $12 million in costs related to REA Group's withdrawn offer to acquire Rightmove.

Here's a quick look at the major expense movements and cost components for the fiscal year ended June 30, 2025:

Cost Category/Metric	Fiscal 2025 Amount (or Change)	Context/Driver
Total Annual Operating Expenses	$7.496 billion	Aggregate cost base for the year.
Change in Operating Expenses (YoY)	Decreased by $78 million (2%)	Driven by News Media cost savings, including printing consolidation.
Change in SG&A Expenses (YoY)	Increased by $104 million (3%)	Driven by higher employee costs (REA Group, Dow Jones) and marketing/tech costs.
Total Segment EBITDA	$1.42 billion	14% increase, demonstrating cost discipline partially offsetting rising costs.
REA Group M&A Related Costs	$12 million	Costs related to the withdrawn Rightmove offer in Q1 FY2025.

You should track the Dow Jones segment's rising employee and technology costs against the savings realized in News Media from printing consolidation; that dynamic defines the year's expense story.

News Corporation (NWSA) - Canvas Business Model: Revenue Streams

You're looking at the core financial engine for News Corporation as of late 2025, focusing on where the cash actually comes from. Honestly, the story here is the successful pivot away from relying solely on print dollars to high-margin digital streams.

Digital Subscriptions and Circulation (a core growth pillar)

This is a massive component, largely driven by the Dow Jones segment, but also present across the News Media mastheads. For the full fiscal year 2025, total Circulation and subscription revenues hit $3.009 billion. This growth reflects the continued success in locking in digital-only subscribers, which now form the majority of the base.

• Digital-only subscriptions to consumer products at Dow Jones grew 9% year-over-year in Q4 FY2025.
• Total average subscriptions to The Wall Street Journal surpassed 4.5 million, with digital-only making up over 91% of that total.
• Circulation revenues overall increased 4% compared to the prior year, benefiting from higher pricing after introductory promotions ended.

Professional Information Business (PIB) recurring revenue

The Dow Jones segment is the powerhouse here, providing high-value, recurring revenue that insulates the company somewhat from the volatility in general news advertising. Dow Jones achieved record full-year revenues of $2.33 billion for fiscal 2025. Digital revenues within Dow Jones accounted for 82% of its total revenues for the full year.

Here's a quick look at the growth drivers within the PIB:

• Risk & Compliance revenues grew 15% year-over-year, reaching $337 million for the full year.
• Dow Jones Energy revenues grew 11%, contributing $278 million.
• Professional Information Business revenues overall saw a 7% increase for the full year.

Advertising Revenue (print and digital)

While less central than subscriptions, advertising still contributes significantly, though print volume is declining. Total Advertising revenues for the full fiscal year 2025 were $1.367 billion. Digital advertising growth, particularly at properties like the New York Post, helped offset declines elsewhere in the News Media segment.

Digital Real Estate Services fees and advertising

The REA Group is a core growth pillar, delivering strong, transaction-based and recurring fees from property listings. REA Group posted record full-year revenues of $1.25 billion for fiscal 2025, a 12% increase over the prior year. This performance was primarily fueled by robust Australian residential market activity, driven by price increases and increased depth penetration of listings.

Book Publishing sales and content licensing

HarperCollins continues to be a meaningful revenue source, benefiting from strong backlist sales and digital adoption. Book Publishing segment revenues for fiscal 2025 grew 3% to reach $2.15 billion. Content licensing revenue also contributed to the overall growth picture for the year.

You can see how these major streams stack up against the total for the year:

Revenue Stream Category	FY2025 Revenue Amount (USD)
Total Reported Revenues	$8.45 billion
Circulation and Subscription (Total)	$3.009 billion
Dow Jones (Professional Information Focus)	$2.33 billion
Book Publishing Sales	$2.15 billion
Advertising (Print and Digital)	$1.367 billion
Digital Real Estate Services (REA Group)	$1.25 billion

Finance: draft 13-week cash view by Friday.