From as high as 30 to 35 million daily, ABS-CBN’s revenue is now down to just 2 to 2.5 million.
After their broadcast shut down on May 5 due to NTC’s cease and desist order, ABS-CBN has been bleeding millions in revenue.
Initially, they made used of their online platforms to broadcast their flagship news program TV Patrol.
To generate revenue, ABS-CBN used the Teleradyo channel to air TV Patrol and other news and current affairs program which broadcast with commercials.
In June, ABS-CBN launched the Kapamilya Channel on cable and satellite TVs airing several teleseryes and entertainment programs in the hopes of generating income and stop the heavy bleeding of their finances.
However, according to a Philstar article by Salve Asis, ABS-CBN’s revenue from the Kapamilya channel is down to only 2 to 2.5 million pesos.
According to Asis, the meager income of the broadcast giant in their cable channel forced the management to rethink their retrenchment plans. While the management initially thought of starting to lay off employees in August, they’re now considering to di it earlier because they can no longer afford the losses.
ABS-CBN has also met with PAMI managers and agreed to pay cuts and talent fee discounts given their current position.
Currently, the ABS-CBN franchise is still at the committee level of the House of Representatives. Speaker Alan Peter Cayetano promised to finish the hearing on or before August, but the longer ABS-CBN remains shut down the closer their employees are to losing their jobs.