However, the company’s consolidated revenue also slightly went down.
In its recently-published annual report, media giant ABS-CBN Corporation reported figures for the fiscal year 2024.
According to the numbers provided, ABS-CBN saw its net loss trimmed by more than half, as it is down 55% from Php 12.835 billion in 2023 to Php 6.092 billion in 2024.
The lower figure was mainly attributed to smaller costs in the Content production and distribution, as well as the Cable TV & Broadband segments.
Meanwhile, the Consolidated Revenues also slightly dipped 6%, as the corporation registeted Php 17.329 billion in 2024 — more than a billion peso lower than the Php 18.511 billion it registered the year before.
Although when the Cable and Broadband segment is removed from the equation, the Content Production unit saw a 6% increase in revenue, generating Php 11.9 billion.
Advertising revenue remained flat at Php 6.7 billion compared to 2023, ABS-CBN added.
ABS-CBN Corporation, through its Studios group, produces several top-rating programs, including noontime variety show ‘It’s Showtime’ and long-running primetime series ‘FPJ’s Batang Quiapo.’
The network also has existing partnerships with GMA Network, TV5, Zoe Broadcasting Network, Inc., and Advanced Media Broadcasting System, Inc. (AMBS) for the free-to-air broadcast of its content.
On top of those, maximum digital exposure is also being explored through social media platforms Facebook, YouTube, and streaming services iWantTFC, Netflix, Prime Video, and Viu.
Regarding the Consumer revenue, which consists of live events, theatrical films, and music, the company earned higher, having seen a modest Php 600 million jump from Php 4.6 billion (2023) to Php 5.2 billion (2024).
Some of the factors that led to the increase include high-grossing Star Cinema movies last year, which include the ‘Unhappy For You,’ ‘And The Breadwinner Is…’ and the new highest-grossing Filipino movie of all-time, ‘Hello, Love, Again.’
That same year also saw the meteoric rise of P-pop group BINI, which launched ‘Salamin, Salamin’ and ‘Cherry On Top,’ and mounted sold-out concerts — ‘Biniverse’ and ‘Grand Biniverse’ at the Araneta Coliseum.
ABS-CBN Corporation was formerly the operator of the ABS-CBN terrestrial television and radio network, which was shut down in 2020 following the expiration and non-renewal of its Congressional franchise.
Since then, it has largely pivoted into becoming a content production powerhouse, forging ties with multiple partners, whilst also retaining its lead in the digital space.