ABS-CBN Corp. is optimistic about returning to profitability in the near term as it pursues partnerships with local broadcast firms, including rival GMA Network Inc., and several global digital platforms to reach a wider audience.
At the virtual annual stockholders meeting yesterday, Carlo Katigbak ABS-CBN president and chief executive officer, said the company continues to expand its digital and international revenues.
Last year, ABS-CBN revenues from digital and business grew 48 percent to P2.8 billion.
International revenues now account 19 percent of total revenues. The company’s net loss was also reduced by 58 percent to P5.7 billion last year from P13.5 billion the previous year. Debts were also reduced to P21.6 billion last year from P26 billion in 2020.
“These improvements in the continuing upward trajectory of financial performance are indicators of return to profitability… in the near term.” Katigbak said.
ABS-CBN’s partnership with A2Z and TV5 has resulted to an improvement in ratings from 1.1 percent after the network’s shutdown in 2020 to 4.2 percent last year, with audience share on primetime of 27 percent versus competition of 58 percent.
Through partnership Zoe Broadcasting Inc. TV5 and GMA Network and also done deals for content distribution globally to digital platforms like over-the-top (OTT) video streaming service Netflix, Vui, iwant and TFC, ABS-CBN has been reaching a wider audience both local and international.
