Corus released its Q4 and full-year results Friday morning, and it showed that the ad spending dips seen at digital ad companies are now making their way to traditional TV.

While the company’s full-year revenue grew by 4% year-over-year, revenue dipped by 6% over the three months ended Aug. 31. Doug Murphy, president and CEO of Corus Entertainment, cited an “uncertain macroeconomic environment” and the effects it has had on advertiser demand.

The sentiment echoes those of major ad-supported tech companies like Meta, Alphabet and Snap, which began sounding the alarm about advertisers pulling back spending in the face of a looming recession last quarter.

Total revenues in TV were down 6% in the quarter for Corus, with 2% growth in subscriber revenue and 4% growth in distribution revenue not being enough to offset a 14% decline in ad revenue. For the full year, however, revenue in the TV segment grew by 3%.

Murphy also said, however, that the company is showing progress in multi-platform TV opportunities, something that will put the company in a position of strength as connected and advanced TV buying increasingly becomes the norm. He also cited “impressive” subscriber growth and increased international content sales as helping weather “cross-currents in the advertising market,” as well as “tightly” managing expenses and maintaining “a disciplined focus on capital allocation.”

Transforming the way it sells media continues to be a long-term strategic goal for Corus, according to an investor presentation. Revenue in the company’s Optimized Advertising Revenue segment, which covers audience segment selling and the Cynch automated buying platform, grew by 26% in Q4 and 41% for the full year. By comparison, traditional TV ad revenue fell by 14% in Q4 and grew by 2% for the full year. Optimized ad buying still brings in roughly half of the revenue traditional TV ad buying does, though that is up from roughly one third in the same quarter last year.

Another strategic priority for Corus is new platform revenue, which covers both subscriber revenue from streaming services (like StackTV and Teletoon+) and ad revenue from digital platforms (currently comprised of the VOD and FAST platforms from Global). New platform revenue was up 10% in Q4 and 32% for the full year. It currently earns roughly 12% of the revenue as the TV ads and subscribers, though the company expects that to increase with the Canadian launch of Pluto TV in December.

On the radio front, revenue – primarily composed of ad sales – was down 6% for the quarter but up 4% for the year.