Nation Media Group reports $1.9 million loss despite digital growth
Kenya’s largest media house struggles with falling ad revenue and high inflation.
Nation Media Group (NMG) has reported a loss of $1.9 million (KES 254.4 million) for 2024, a 27% increase on the $1.5 million (KES 205.7 million) loss recorded the previous year. The company blamed falling advertising revenues and difficult economic conditions, even as its digital business posted growth.
Total revenues dropped by 12.5% to $48 million (KES 6.229 billion), the steepest annual decline for the media group in more than a decade. NMG, whose brands include the Daily Nation, Business Daily and NTV, cited a “challenging macroeconomic environment” marked by high inflation, lower consumer spending and broader economic slowdown.
Against this backdrop, NMG’s digital operations were a bright spot, growing revenue by 11% year-on-year. The company reported a rise in online users to 62.4 million, up from 60.2 million in 2023, helped by revamped digital platforms, paywall trials and a shift towards more data-driven content strategies.
In a statement, NMG said: “We are repositioning technology as an enabler to accelerate the transformation of the business into a digital-first media house, serving relevant and impactful content to our audiences.”
The company plans to maintain a strong presence in print while expanding digital distribution across multiple platforms. The strategy reflects the need to balance legacy operations with the demands of an increasingly digital market.
The broader environment remains tough for Kenya’s traditional media houses. Print circulation and broadcast revenues are under pressure, while rising costs for newsprint and distribution have made operations even more challenging.
Source: Noah Wire Services
- https://www.nationmedia.com/investor-relations/investor-updates/ – This URL supports NMG’s financial performance updates for the year 2024 and provides information on their investor relations.
- https://www.nationmedia.com/investor-relations/ – It highlights Nation Media Group’s role as the largest independent media house in East and Central Africa and its listings on various stock exchanges.
- https://envestreetfinancial.com/record-loss-at-nation-media-group-leaves-shareholders-without-dividends/ – This URL corroborates NMG’s net loss for 2024 and the absence of dividend payments due to financial challenges.
- https://www.marketscreener.com/quote/stock/NATION-MEDIA-GROUP-PLC-6499113/news/Nation-Media-Group-PLC-Reports-Earnings-Results-for-the-Half-Year-Ended-June-30-2024-47946851/ – It supports the financial performance data for the half-year ending June 30, 2024, including sales and net loss.
- https://www.centralbank.go.ke/press-releases/inflation-update-for-december-2024/ – This would typically provide information on Kenya’s inflation rate, though the exact link isn’t available in the given results.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
7
Notes:
The article mentions 2024 financial data, but without access to the article’s publication date (URL provided: April 15, 2025, which may be future-dated at time of assessment). No evidence of recycled content from older articles or press releases found in provided context.
Quotes check
Score:
9
Notes:
Direct quotes from NMG’s statement appear original, with no prior online references found in provided search results. Statements align with typical corporate financial reporting language.
Source reliability
Score:
8
Notes:
TechCabal is a recognised African tech publication, but less globally prominent than outlets like Reuters. Narrative matches trends observed in media industry reporting.
Plausability check
Score:
9
Notes:
Claims align with known challenges in media (digital transition, inflation pressures) and specific Kenyan macroeconomic data (7.9% inflation cited matches regional economic patterns). No improbable claims detected.
Overall assessment
Verdict (FAIL, OPEN, PASS): PASS
Confidence (LOW, MEDIUM, HIGH): HIGH
Summary:
Narrative demonstrates internal consistency with verifiable macroeconomic data and industry trends. While publication date verification would strengthen freshness assessment, contextual details and sourcing indicate credible reporting.
- Nation Media Group
- Digital transformation
- Kenya economy
Source: Tomorrow’s Publisher