ABS-CBN’s Chief Executive Officer Carlo Katigbak is optimistic that the Kapamilya network will return to its financial fitness shortly.
During their annual stockholders’ meeting, Katigbak was in high spirit as he assured their investors of the ABS-CBN’s brightening future.
Katigbak reported that in the first quarter of the year, ABS-CBN narrowed its net loss to P1.38 billion, or a 30% decrease from the previous year, brought about by the surge of advertising revenues during the May 2022 elections.
The media company’s debts also decreased to 21.5 billion from the previous year’s 26 billion.
Aside from improving finances, Katigbak also shared the network’s growth in ratings. The ABS-CBN chief reported that from 1.1% after the network’s shutdown, their TV ratings have improved to 4.1% overall, with primetime programming growing from 2.1% to 9.6%.
“From a low of 1.1 percent after our shutdown, we have achieved a 4.1-percent rating, with prime-time [rating] growing from 2.1 percent to 9.6 percent.
“These improvements and the continuing upward trajectory of financial performance are indicators that a return to profitability is possible in the near term.”
Meanwhile, asked about the new franchise bill filled by the Makabayan bloc recently, Katigbak said that they are currently not focusing on that as they are doubling their efforts on revenue streams that do not rely on the broadcast franchises.
“We understand at the present there has been a franchise bill filed. However, at this time, we have yet to decide whether a new franchise is aligned with our strategic plans.
“Instead, we are doubling down on excellent storytelling, which has a wider audience on any network from any platform,” he added.
Currently, ABS-CBN has block time agreements with A2Z Channel 11 and TV5. It has partnered with Netflix and Viu to make ABS-CBN content available to a wider audience.
The Kapamilya Network has also entered into a collaboration agreement with the Kapuso network to air Star Cinema films on GMA Network.
“We continue to work with TV5 and other partners. As of today, our partnership has taken the form of content licensing and content sharing agreements.
“We hope to continue with GMA as well as other partners here and abroad as part of our declared mission to reach audiences everywhere,” Katigbak said.