This Media Company Generated PHP 8.8 Billion in Revenue for the First Half of 2023
Despite losing its franchise in 2020, the media company has managed to earn billions in revenues, while also suffering billions in net loss.
ABS-CBN may have earned PHP 8.8 billion in revenue for the first half of 2023, but this figure is actually 7.2% lower compared to the same time period in 2022. Moreover, the company’s net loss for the same time period amounted to PHP 2.2 billion. In comparison to January to June 2022, this is a 52.2% increase. All this was made clear by the company in a disclosure to the stock exchange.
“After adjustments for one-time gains last year from political ads, assets sale, and one-time expenses, net loss actually decreased by PHP 426 million or 16.1% compared to last year,” its news outfit, ABS-CBN News, notes.
“The improvement is brought about by better ad sales and lower costs,” it adds.
ABS-CBN’s Advertising Revenue
The same report notes that in the first half of 2023, the company’s regular advertising revenue increased by 13% in comparison to the revenue for the same months in 2022.
However, ABS-CBN News points out that “The absence of election-related placements resulted in a decline of 9.1%.” These figures have likewise been disclosed to the stock exchange.
How ABS-CBN Moved Forward from Non-Renewal of Franchise
At the height of the pandemic, ABS-CBN made headlines over the non-renewal of its franchise, which expired on May 4, 2020. The non-renewal of the franchise has led to multiple unit shutdowns within ABS-CBN, including TV and regional regional stations.
Since then, ABS-CBN has gone digital with a number of its programs and series available for viewing on streaming platforms as well as YouTube. The company has also linked deals with TV5 and GMA to air some of its shows on their respective channels.
ABS-CBN has likewise launched its cable channel, the Kapamilya Channel, as well as its own digital streaming channel.
While losing their franchise was undoubtedly a massive blow to the company, ABS-CBN was able to create new avenues of sharing their content, specifically through online platforms and strategic partnerships with other networks.
The way ABS-CBN pivoted to a different business model serves as an example to other entrepreneurs on how bad situations can be an opportunity to create something new and different. In business, things will not always go your way, and this should be taken not only as a learning experience but also as an opportunity for growth and even expansion.
What happened to ABS-CBN serves as a reminder that bad days do not last, and business owners should not be afraid to try again when faced with adversity and problems.