ABS-CBN slashes net loss in 2024

MANILA, Philippines — ABS-CBN Corp. slashed its losses by more than half last year on the back of higher revenues from its content production and distribution segment coupled with lower expenses.

ABS-CBN reported a net loss of P6.1 billion in 2024, a 53-percent drop from the P12.8 billion net loss incurred in the previous year.

Consolidated revenues, however, slipped by six percent to P17.3 billion from the previous year’s P18.5 billion.

ABS-CBN saw revenue from its content production and distribution rise by six percent year-on-year to P11.94 billion.

Advertising revenue was flat at P6.7 billion, while consumer revenue increased by 14 percent to P5.2 billion, driven by the performances of the film, music and events divisions.

Revenue from the cable TV and broadband segment, meanwhile, declined by 25 percent to P5.4 billion from the previous year’s P7.2 billion mainly due to the decline in subscribers.

ABS-CBN’s operating costs and expenses was reduced by P6.2 billion or 20 percent year-on-year, P5.1 billion of which was due to reduction in impairment losses.

ABS-CBN said the balance of P1.1 billion was due to the continuous implementation of cost control measures resulting in a reduction in general and administrative expenses and employee costs.