Lopez-owned ABS-CBN Corp. is optimistic to sustain its growth this year as it continues to partner with different digital and traditional television platforms to expand its content distribution.
“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,” Carlo Katigbak, ABS-CBN president, said during his speech at the company’s annual stockholders meeting.
ABS-CBN’s advertising revenues have grown side by side with ratings. In 2022, the company registered a 21 percent improvement in ad sales to P6.4 billion from P5.3 billion the year before, according to Katigbak.
“We were able to keep production costs relatively flat, with only a 3 percent growth from the prior year. We also generated extraordinary income of P3 billion from the sale of various properties, which helped offset the increase in our financing costs. As a result, our net losses declined from P5.7 billion in 2021 to P2.6 billion last year,” he added.
ABS-CBN said it will further expand its reach through partnership with different platforms.
“We are willing to work with any partner that is willing to bring our programs to their audiences — whether those partners are in free TV, pay TV, online streaming and so on,” Katigbak said.
For TV, “Ang Probinsyano” generated combined primetime ratings of 18 percent and an audience share of 38 percent.
The company’s online viewership has also been improving.
“Last year, 137 million people subscribed to our YouTube channel, while 20 million people used our iwantfc service. Another 11 million people visited us on our group of websites,” Katigbak said.
Meanwhile, Katigbak said the company is in discussion with various real estate developers for the possible redevelopment of ABS-CBN’s property in Quezon City.
“But as of today, there’s no deal that has been agreed upon with anyone,” he added.
In the first quarter of the year, ABS-CBN’s net loss declined by 13 percent to P1.2 billion from P1.4 billion in the same period last year.
