ABS-CBN Corp has significantly reduced its financial losses in 2024, cutting net losses to ₱6.1 billion from ₱12.3 billion in 2023, reflecting a robust recovery driven by its expanding digital presence and thriving content-creation ventures in television and film.
The company’s focus on content creation proved pivotal, with its content segment boosting revenue by 6% year-on-year to ₱11.94 billion. This surge helped slash losses in the segment by 69%, from ₱5.75 billion in 2023 to ₱1.8 billion in 2024. However, total revenue dipped by 6% to ₱17.3 billion, dragged down by a struggling cable and broadband division, which saw sales plummet 25% to ₱5.39 billion due to declining subscriptions amid a broader shift to streaming and video-on-demand platforms.
Cable operations also showed improvement, with losses narrowing from ₱7.1 billion in 2023 to ₱4.3 billion in 2024, despite revenues sliding to ₱1.8 billion as cord-cutting trends continued to erode the subscription base.
Advertising remained a steady pillar, contributing ₱6.7 billion, while consumer revenue climbed from ₱4.6 billion to ₱5.2 billion, fueled by strong performances in music, concerts, and films. ABS-CBN’s film arm, Star Cinema, delivered a standout year, with box office sales propelled by Hello, Love, Again, which grossed a record-breaking ₱1.6 billion globally. Other hits included Joshua Garcia and Julia Barretto’s Un/Happy For You (₱450 million) and Vice Ganda’s Metro Manila Film Festival entry And The Breadwinner Is… (₱460 million). The company also saw a boost in events revenue, driven by sold-out concerts from BINI and Maki, alongside rising streaming income.
On the digital front, ABS-CBN expanded its reach through deeper collaborations with streaming giants Viu, Netflix, and Amazon Prime, strengthening its digital sales and positioning the company to better navigate the evolving media landscape.
