Nation Media Group (NMG), one of the East Africa’s largest independent media houses, reported KSh 6.229 billion in group turnover for the year ended 31 December 2024, reflecting a 12.5% year-on-year decline. The figures were announced on 14 April 2025 in the Nation Media Group annual report 2024.
The media giant reported a net loss of KSh 254.4 million for the year ended 31 December 2024, attributing the downturn in revenue to a tough macroeconomic environment, weakened consumer spending, and escalating costs of basic commodities, which adversely impacted advertising and circulation.
Despite the Nation Media Group losses, NMG underscored a significant uptick in the monetisation of its digital platforms. Monthly unique users of NMG’s digital assets surged to 62.4 million, up from 60.2 million the previous year, reflecting a strategic pivot toward digital innovation and audience engagement.
“The Group’s product innovation and ongoing organisational transformation initiatives continued to drive improvement in operating performance,” the report stated.
According to the Nation Media Group annual report 2024, the decline in turnover was met with an 18.9% increase in the cost of sales. The company cited continued investment in digital content and operational efficiencies as contributing factors. Operating expenses were also pushed higher by a one-time restructuring cost of KSh 157.8 million incurred in June 2024.
The restructuring initiative, part of NMG’s broader transformation agenda, included streamlining editorial workflows, upgrading digital production systems, and repositioning legacy assets to align with new market demands.
“Our continued focus on content enhancement and increased digitisation of our business processes led to a reduction in 17.2% of operating costs,” the report noted.
For the second year running, Nation Media Group’s Board of Directors has opted not to declare a dividend as a result of Nation Media Group losses, citing the prevailing economic climate and the company’s ongoing investment plans.
“Considering the prevailing economic environment and the Group’s investment plans, the Board of Directors does not recommend payment of a dividend for the year 2024,” read the statement signed by Company Secretary Angela Namaku.
A significant highlight in the Nation Media Group annual report 2024 was the ongoing rebuild of the company’s broadcast business, which management said is “gaining traction.” This recovery is being driven by investments in talent acquisition, digital-first production capabilities, and revamped audience engagement strategies.
NMG’s broadcast platforms including NTV Kenya and Nation FM have faced stiff competition from social media and digital-first content creators. However, the company says it is doubling down on its editorial independence and public interest journalism to reclaim market share.
“We continue to focus on creating compelling content to enhance brand, drive audience engagement and optimize monetization of our expansive digital reach,” the company said.
Digital monetisation was also flagged as a priority. NMG reported progress in developing new revenue streams from its digital platforms through subscription models, programmatic advertising, and content partnerships.
The Nation Media Group annual report 2024 comes at a time when Kenya’s media sector is undergoing a period of flux. Traditional advertising revenue is shrinking, print circulation is in steady decline, and consumers are rapidly shifting to mobile and on-demand platforms.
To survive, legacy media companies like NMG are investing heavily in new digital capabilities from mobile-first content to live streaming and personalised news feeds. However, the monetisation of these platforms remains challenging in a region where digital ad spending still trails traditional formats.
The depreciation of the Kenyan shilling against the US dollar also impacted operating costs, especially for imported newsprint and equipment. Nonetheless, NMG’s diversified portfolio which includes brands like Daily Nation, Business Daily, Taifa Leo, NTV, and Nation.Africa gives it a unique edge in reaching pan-African audiences across print, broadcast, and digital.
Do you have any story or press releases you want to share? Send tips to editor@envestreetfinancial.com
Follow us on Twitter, Facebook, or LinkedIn to ensure you don’t miss out on any