From January 2021 to September 2021, ABS-CBN recorded a net loss almost a half lower than its net loss in the same period last year.
In July 2020, ABS-CBN failed to secure a new franchise as Congress voted to reject its bid.
The Network was then forced to leave free TV and shut down most of its operations. This caused a spike in income loss for the network in the said year.
According to the network’s financial report published last June 2020, ABS-CBN booked its net loss for 2020 at 13.5 billion up by more than 400% from 2.64 billion in 2019.
Despite their big loss in income, ABS-CBN continued its service to the Filipino people by strengthing its online presence and digital reach.
The Network focused on digital platforms and partnered with different networks to slowly recover from their downfall in 2020.
On November 15 this year, ABS-CBN reported a financial loss of P3.78 billion from January to September 2021, down from P7.3 billion in the same period of 2020.
However, the Network’s revenues mark at P12.7 billion, down by 25% from the previous year’s P17 billion.
ABS-CBN Head of Business Development and Head of Digital Services Elaine Uy Casipit said on October 2021 that the Network continues to aim for improvement in terms of digital content.
“We’re sitting on a goldmine in terms of our digital footprint. It’s an ongoing content and distribution discovery for us as an organization. We’re learning along the way.”
ABS-CBN remains dedicated to improving its service and programming despite being franchise-less.