Network18 posts Consolidated Operating Revenue of Rs 1,061 crore in Q2

Digital business has shown profitability on sharp ad growth and rising subscription revenues, the group has said

e4m by exchange4media Staff
Updated: Oct 28, 2020 9:45 AM
Network18

Network18 Media & Investments Limited have announced its results for the quarter and half year ended 30th September 2020.

The Group has posted Consolidated Operating Revenue of Rs 1,061 crore in Q2 as compared to Rs 1,174 crore in the previous quarter of the last financial year.

The Q2 EBITDA has more than doubled YoY, as revenues are firmly on the road to a full recovery, the Group has said.

The digital business has shown profitability on sharp ad-growth and rising subscription revenues.

TV connections in commercial establishments and some low-end connections saw a temporary dip due to the pandemic; but multi-TV home connections have picked up. Distribution tie-ups continued to expand and give our channel portfolio unparalleled reach across TV & Digital. International subscription has witnessed pandemic-related stress.

TV viewership had spiked to 1.5x of its usual levels as the pandemic forced a stringent lockdown; which has now settled at 1.1x as the economy gets unlocked, the financial statement says. Digital media engagement too has received a smart fillip, across both News and Entertainment. News genre has reverted to contributing 8% of TV viewership compared to 15% during lockdown. Pay TV has clawed back its share from free-to-air channels, as entertainment programming is back in full-swing. An increased propensity to pay for content has been witnessed as well, the network has said.

Adil Zainulbhai, Chairman of Network18, said: “The group businesses have recovered from the impact of the COVID-19 pandemic to a very large degree. This has been achieved through a multi-pronged approach of ensuring business continuity through rejigging processes, innovatively reviving alternative revenue streams, and focusing on aligning content distribution strategy with market opportunity. Our proactive measures on cost-control have resulted in much-improved profitability across all our lines of business even compared to the pre-pandemic situation, despite certain market segments still suffering from pressures due to the Coronavirus. We continue to invest into all our businesses and in particular Digital with an aim to make our flagship properties the most compelling value propositions for viewers. As we head into festive season, the underlying trends on both viewership and monetization are supportive, and we are emerging stronger than ever.”

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