ABS-CBN Corp. on Thursday bared plans to ramp up partnerships with local free TV networks and online streaming platforms in a bid to regain profitability sans free TV franchise.
“We are willing to work with any partner willing to bring our programs to their audiences—whether those partners are in free TV, pay TV, online streaming, and so on,” Carlo Katigbak, president of ABS-CBN, said during the company’s virtual annual stockholders meeting.
The Lopez-led network earlier signed a joint venture agreement with Prime Media Holdings Inc. to produce various content and programs. Potential partners of ABS-CBN include GMA Network Inc., TV5 Network Inc., Zoe Broadcasting, AMBS, Netflix, Viu, iQiyi, and WeTV.
“We hope to increase our viewership to a far larger base than what we had before,” Katigbak said.
“Broadcasting never defined ABS-CBN. What we did best was to tell stories,” he added.
Katigbak said the company will focus on creating “stories that inform and inspire,” because the heart and soul of ABS-CBN is in storytelling.
As the company regains its stride, he projects its business to continue to improve as well.
“Advertising revenues have grown side by side with ratings. In 2022, we registered a 21 percent improvement in ad sales to P6.4 billion from just P5.3 billion the year before,” Katigbak said.
He said that the company’s net loss went down to P2.6 billion last year from P5.7 billion in 2021.
“We are confident in the upward trend of our numbers and expect 2023 to be even better than last year. It is still an uphill climb to profitability, but the light at the end of the tunnel has become sharper and brighter,” Katigbak said.
“While we are not yet where we want to be, we are certainly well on our way. We reiterate our commitment to regain profitability and to emerge a better and stronger company in the near future,” he added.
In the third quarter, the company posted a net loss of P1.21 billion, lower by 12.9 percent from P1.39 billion in the same period last year.
The company generated consolidated revenue of P4.3 billion, lower by 8.3 percent to P4.65 billion, driven primarily by a decline in consumer sales.
