ABS-CBN Corp. on Wednesday announced laying off 100 employees, representing about 3 percent of its workforce, as it grapples with declining revenue from its television and pay TV operations. The Lopez-led media giant cited a significant downturn in advertising revenue, which has been a persistent challenge for the broader TV industry amid decreased consumer spending.
In a statement, ABS-CBN expressed gratitude to those affected, committing to provide full benefits and support. The retrenchment follows a previous round of layoffs in July 2020 after the non-renewal of its congressional franchise.
Despite these challenges, ABS-CBN reported progress in other segments of its operations. The company highlighted improved TV ratings, successful film releases from Star Cinema—including the highest-grossing Filipino movie to date—and a flourishing music business bolstered by the popularity of girl band BINI. Current top-rated shows include “Batang Quiapo” and “It’s Showtime.”
Financially, ABS-CBN reported a 5 percent improvement in net loss in the first half this year of P2.1 billion, compared to P2.2 billion in the same period last year. Consolidated revenue dropped 11 percent to P7.8 billion from P8.8 billion.
In response to its challenges, ABS-CBN has actively pursued new business relationships both local and overseas to enhance content monetization. The company has formed partnerships with Zoe Broadcasting and expanded its content distribution to include platforms such as TV5 and GMA Network’s GTV. Additionally, ABS-CBN merged its domestic and global OTT platforms into “iWantTFC” and is leveraging social media to maximize reach and advertising revenue.
