TV5 Network Inc. has revised anew its target profitability as it remains optimistic amid a gradual increase in television ratings.
“We are …three, four, five years away, if you’re looking in their profit situation; maybe three years to break even, it’s our best forecast,” Manuel Pangilinan, PLDT Inc. chairman and chief executive officer (CEO), said at a recent press briefing.
TV5, a unit of PLDT through MediaQuest Inc., has targeted to break even five to seven years ago but failed to achieve this due to stiff competition.
“We’ve been wrong before many times with TV5 (profit forecast),” Pangilinan admitted.
Initially, the company aimed to be profitable in 2014, five years after PLDT media arm MediaQuest acquired TV5. It has yet to achieve profitability amid stiff competition, so the target was moved to 2017 and 2019.
However, TV5 has been gradually improving its television ratings with the help of content from ABS-CBN Corp. that is shown on the network since January this year. Still, the ratings are low, around one tenth of the size of that of rival GMA Network Inc.