ABS-CBN Corp. on Thursday reported a sharp 54 percent reduction in net loss to only P2.6 billion in 2022 from P3 billion in 2021 due to higher advertising income and consumer sales.
The country’s biggest media and entertainment network generated consolidated revenues reaching P19.19 billion last year, up 8 percent from P17.82 billion in 2021. Of the total, advertising revenues amounted to P6.39 billion while consumer sales reached P12.80 billion.
Its costs and expenses reached P23.45 billion last year, up 4 percent from P22.53 billion.
Despite the non-renewal of its franchise, ABS-CBN persisted on creating compelling content and stories for domestic and overseas markets and platforms via partnerships and collaborations.
“With an emphasis on generating maximum value for its content and products, the company continues to monitor shifts in technology, audience behavior, and industry demand as it expands its digital and international businesses while continuing to invest in content and story generation capabilities,” ABS-CBN said.
The enterprise widened its international reach by consolidating its owned and operated streaming platforms into IWantTFC while lifting geographic restrictions for entertainment and news content in certain regions worldwide.
ABS-CBN also licensed over 180 titles to multiple territories in Asia, Africa, the Middle East, Europe and various international OTT platforms, generating over P528 million.
With Sky Cable unable to provide direct-to-home (DTH) service following the lapse of its franchise, ABS-CBN focused on growing its broadband subscriber base. Following this direction, Sky Cable revenues hit P8.40 billion despite the absence of DTH service revenue.
ABS-CBN earlier said its board of directors approved the sale of its direct and indirect interests of 58.7 percent of the outstanding capital stock of Sky Cable which would cease its pay TV services for P4 billion.
Other stockholders of Sky Cable, Lopez Inc. and Sky Vision Corp. also agreed to sell their shares in Sky Cable to PLDT which would pay P6.75 billion for the issued and outstanding capital stock.
