industry

Network18's Q2 net loss widens by 28% to Rs 152 crore amid continued investments



Network18 Media & Investments has reported a 28% year-on-year (YoY) increase in its consolidated net loss for the quarter ending 30th September, with losses rising to Rs 152 crore. This increase is attributed to sustained investments in the digital and sports businesses by its entertainment subsidiary, Viacom18.

The company’s operating revenue for the quarter declined by 2.1% to Rs 1,825 crore, while expenses rose by 1.67% to Rs 2,243 crore. Viacom18 plans to continue investing in digital and sports content to drive future growth.

Viacom18 saw its revenue fall by 5.4% to Rs 1,339 crore, mainly due to fewer major film releases compared to the previous year. However, the news segment, which includes both television and digital platforms, experienced a 6% revenue increase to Rs 445 crore, driven by robust digital advertising, though television advertising remained weak.

In Q2 FY24, Viacom18 Studios released two big-budget films, but no films were released in this quarter, resulting in a Rs 330 crore impact on revenue. Nevertheless, this decline was offset by a 44% rise in subscription revenue, which grew to Rs 733 crore, aided by new pricing strategies and the increased monetisation of its sports portfolio.

Growth in advertising revenue was primarily led by digital, across both sports and non-sports sectors.


Viacom18’s over-the-top (OTT) platform, JioCinema, experienced rapid growth in paid subscribers, reaching 16 million, driven by new pricing and fresh content. Meanwhile, Moneycontrol Pro, a subscription-based financial news service, grew its subscriber base to over 0.9 million, securing its position as the market leader in India and among the top three in Asia.The news business demonstrated improved EBITDA, with an operating profit of Rs 7 crore compared to a loss of Rs 10 crore in the same period last year. The entertainment business also saw a 10% reduction in operating losses, now standing at Rs 194 crore, despite continued investments in sports and digital content.In a significant development, Network18 has completed its merger with TV18 and E18, after receiving regulatory clearances from the National Company Law Tribunal and the Ministry of Information and Broadcasting. Effective from 3rd October 2024, this merger creates India’s leading platform-agnostic news media network.

Readers Also Like:  Hughes Communication India’s President & MD Partho Banerjee retires

Adil Zainulbhai, Chairman of Network18, stated, “We are delighted to have completed the merger of our news businesses. With a strong portfolio of TV channels and digital platforms, spanning the country’s linguistic diversity, we are ideally placed to become India’s most preferred news network. We remain committed to driving innovation and leading the growth of the industry, building on this solid foundation.”

Network18’s portfolio now includes 20 television channels in 16 languages and four online platforms in 13 languages. Viacom18’s portfolio comprises 42 television channels, an OTT platform, and a film studio. Other key investments by Network18 include a 39.29% stake in BookMyShow and a 24.5% stake in Eenadu Television.



READ SOURCE

This website uses cookies. By continuing to use this site, you accept our use of cookies.