This archive report was first published on 4 July 2020.
Published on July 4, 2020, Standard Group PLC is adapting to the economic challenges posed by the Covid-19 pandemic by leveraging technology and strategic partnerships to create alternative revenue streams.
During the company's 102nd Annual General Meeting, held virtually on July 4, 2020, Standard Group top leadership acknowledged the impact of the pandemic on the company's performance. According to Robin Sewell, Chairman of the Standard Group Board of Directors, the company has implemented business continuity plans and ran models to ensure continued business operations despite the challenging circumstances.
The company reported double-digit growth in all its broadcast divisions in 2019, with Radio Maisha, KTN News, and KTN Home recording 22%, 11%, and 18% audience growth, respectively. However, the introduction of movement restrictions and dusk-to-dawn curfews has disrupted economic activities, leading to a decline in advertising revenue for media companies.
Standard Group CEO Orlado Lyomu emphasized the company's strategy to steer through the current challenges by re-inventing the organization into a digital-first company. This involves diversification of commercial operations, quick innovations, repurposing of editorial content, and partnerships with stakeholders to deliver impactful solutions.
The company has unveiled an array of new media products, including two new radio stations, Vybez Radio and Spice FM, and two new TV stations, Farmers TV and Burudani TV. These new products are gaining traction among audiences, with steady month-on-month growth and are on track to break even ahead of the industry average of three years.
Standard Group is also banking on several partnerships with the government and private sector in education, sports, health, and agricultural initiatives to bolster its position in the market. Due to the challenging business environment, the company did not declare any dividend for the year ended December 2019.
