ABS-CBN Corp. has trimmed down its net loss by 54 percent to P2.6 billion in 2022 from P5.67 billion in 2021, driven by an increase in advertising and consumer revenues.
In a filing at the stock exchange, ABS-CBN said consolidated revenues grew by 8 percent to P19.2 billion in 2022 from P17.8 billion in 2021 which came from advertising and consumer sales.
Advertising revenues increased by P1.1 billion or 21 percent, attributable to election-related placements and regular advertising growth.
Consumer sales rose by P270 million, driven by increased licensing and syndication of the company’s content library.
Last year, ABS-CBN spent P2.9 billion in capital expenditure and program rights acquisition.
It also began ramping up content sales and licensing to domestic and international clients, including TV5, GMA Network, AMBS, Netflix, Viu, iQiyi and WeTV.
The company distributed over 381 titles to various territories in Asia, Africa, the Middle East and Europe as well as over-the-top platforms, generating P1.3 billion in revenue last year.
With Sky Cable unable to provide direct-to-home service following the lapse of its franchise, the company continued to focus on growing its broadband subscriber base. Following this direction, Sky Cable’s revenues amounted to P8 billion.
Despite the non-renewal of its franchise, ABS-CBN said it continues to look for ways to serve as many Filipino families as possible. On June 2020, the company launched its Kapamilya Channel on cable TV and its digital streaming channel “Kapamilya Online Live” on August 2020.
ABS-CBN shows also began airing on select time slots on TV5. Other partnerships include PIE Channel with Kroma Entertainment and BEAM.
