This Media Publication Earned PHP8 Billion Revenue in Six Months
Reports from ABS-CBN Books show how their generated revenue and net earnings fell shortly behind their earnings last year—despite being worth billions.
Despite having a high online presence, Filipinos continue to be passionate about reading books. This is based on a previous survey conducted by the National Book Development Board in 2019, which showed that 76.75% of adults and 84.99% of kids read books and that they enjoy reading.
What’s more, popular picks for Filipino readers when it comes to fiction include romance, thriller, and adventure books. This is why publishing companies like ABS-CBN Publishing—a subsidiary of one of the country’s leading media brands—provide books that cater to this market.
Just recently, the company shared its annual mid-year report for ABS-CBN Books sales, which showed billions of pesos worth of sales, despite falling behind last year’s performance.
The Mid-Year Sales Report
Based on ABS-CBN Publishing’s performance from January to June 2023, the company generated around PHP8.8 billion through advertising and consumer sales. However, this amount is 7.2% lower than last year.
In a disclosure to the stock exchange, ABS-CBN Publishing said that its regular advertising revenue grew 13% in the first half compared to the same period last year. According to the company, it was the absence of election-related placements that resulted in the 9.1% decline.
Moreover, the company also tallied a net loss of PHP2.2 billion—making it higher by 52.2%. However, after adjusting its one-time gains from last year’s political advertising, asset sales, and one-time expenses, the net loss actually declined by P426 million, or 16.1%, from the year before. This improvement is said to be brought by better advertising sales and lower costs.
What the Company Aims to Offer
Despite the possible non-renewal of the company’s franchise, the company has been vocal about its intent to continue delivering quality content for Filipinos. In line with that, the company has launched the Kapamilya Channel on cable TV and its digital streaming channel Kapamilya Online Live.
ABS-CBN has also signed an agreement with Zoe Broadcasting for the airing of select programs on Channel A2Z. They have also secured several time slots to air their programs on TV5 and GMA7 which used to be their rival networks. Aside from their collaborative films with other production houses, they have also partnered with Kroma Entertainment and BEAM.
Overall, ABS-CBN continues to deliver content to keep itself stable in the entertainment industry. By pushing through with collective efforts on programs, books, films, and other projects, the company continues to provide countless opportunities for its staff.
More so, it opens that a broadcasting franchise does not limit a company in producing content, as long as it abides by the regulations placed upon them. With that, entertainment companies can continue with their businesses to generate income and push through with their operations.