ABS-CBN Corp. on Wednesday posted a loss 78 percent wider in the first nine months this year that its executives attributed to the absence of political advertising. Erstwhile rival GMA Network similarly referenced the same for its own financial performance during the period.
The loss of P3.33 billion in the January to September period compare against a net loss of P1.87 billion in the same period last year.
ABS-CBN’ consolidated revenue totaled P13.52 billion, down 79 percent from last year’s P14.31 billion which includes P757 million in election-related advertising sales.
Of the total revenue, regular advertising sales amounted to P4.82 billion, up 18 percent from P4.1 billion last year.
Consumer sales aggregated P8.691 billion, lower by 8 percent compared to 2022 due to the decline in cable TV and satellite customers for both Sky and TFC.
Total costs and expenses amounted to P16.1 billion, a significant reduction of 8 percent compared to last year.
Despite the non-renewal of its franchise, ABS-CBN remains committed to serving the Filipino.
In June 2020, the company launched its Kapamilya Channel on cable TV and its digital streaming channel “Kapamilya Online Live” in August 2020. In October that year, ABS-CBN secured a content supply pact with Zoe Broadcasting that allowed ABS-CBN’s programs to air on Channel A2Z.
In January 2021, some ABS-CBN shows also began airing on select time slots on TV5. Other
partnerships include PIE Channel with Kroma Entertainment and BEAM.
The company also began ramping up content sales and licensing activities to domestic and international clients that include TV5, GMA Network, AMBS, Netflix, Viu, iQiyi, and WeTV.
ABS-CBN distributes over 381 titles to various territories in Asia, Africa, the Middle East, Europe, and over-the-top platforms.
In addition, it widened its global reach by merging its owned domestic and international OTT platforms into “iWantTFC.” It continues to utilize various third-party platforms like Youtube, Facebook, TikTok, and Instagram to maximize its reach and generate advertising.
