earnings reports

ABS-CBN bleeds P3.4 billion in H1 2021

Ralf Rivas
ABS-CBN bleeds P3.4 billion in H1 2021

MEDIA. Journalists and ABS-CBN supporters hold a protest on July 10, 2021, to mark the first anniversary of the broadcast giant's shutdown.

Angie de Silva/Rappler

The Kapamilya network's advertising revenues drop 57% over a year after lawmakers rejected its franchise renewal

Embattled media giant ABS-CBN saw a net loss of P3.4 billion in the first half of 2021, over a year after the House of Representatives denied it a broadcasting franchise.

The net loss for the first six months of the year is slightly narrower than the P3.9 billion a year ago, as the company enforced more cost-cutting measures.

With the absence of free-to-air advertising space, ABS-CBN’s revenues fell by 38.7% to P8.16 billion, while advertising revenues dropped 57%.

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The Kapamilya network also stopped selling its TV Plus boxes and closed KidZania Manila and Studio XP, further hurting its bottom line.

The company trimmed costs and expenses by 31.2% during the period.

“Despite the non-renewal of the company’s franchise, ABS-CBN remained committed in producing meaningful and quality content to continue to be of service to the Filipino worldwide,” ABS-CBN said.

The network has relied on digital streaming and blocktime arrangements with other broadcast companies to continue operations. – Rappler.com

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Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.