The once industry-leader media giant continues to carve its path towards profitability through partnerships, digital expansion, and the creation of alternative revenue-generating streams.
GMA Network, meanwhile, further surged in net income, primarily driven by political ad-driven revenues.
ABS-CBN significantly trimmed down its second-quarter losses to Php39 million from Php1.42 billion in the same quarter last year, while GMA Network surged by 14.6% to Php1.88 billion in net income during the same period.
Both media entities benefited massively from the influx of political ads during the first two months of the quarter. ABS-CBN is up by 13.9%, hitting Php4.83 billion in the second quarter of 2022, from Php4.24 billion in the same quarter in 2021. GMA Network hit Php6.08 billion, up by 19% from the same period last year.
ABS-CBN’s growth in revenue is also partly driven by the network’s digital and free TV expansion efforts through various partnerships and block time deals.
This year, the network sealed a 35% investment deal with the Manny V. Pangilinan-owned MediaQuest, allowing the now franchise-less network to get a say in TV5’s entertainment and news programming. The partnership generated excitement among investors and stockholders, hence the nearly 50% growth of the company in share prices on the stock market.
In the first half of the year–ABS-CBN cut its net losses by 58%, narrowing down to Php1.42 billion from Php3.37 billion last year. Noting the continuous quarterly decline of the network’s net losses–it is safe to say that ABS-CBN is inching closer and closer to full recovery.
Advertising revenues increased sharply by 47%, or a PhP1.1 billion increase from the first half of last year. ABS-CBN attributed the such improvement to political ad placements and augmentation in regular ads made through the network’s partnership with TV5 and A2Z. Spending also fell from PhP11.5 billion to Php11.44 billion.
GMA Network’s first-half net income swelled to Php4 billion, a 10.2% improvement over the same period last year.
It is attributable to the 13% increase in revenues, hitting Php11.94 billion in the first half of 2022.
