Q12021: Network18 sees 35% drop in revenue compared to Q1 last year
The operating revenue of the network stood at Rs 807 crore
Network18 Media & Investments Limited today announced its results for the quarter ended 30th June 2020.
The company saw a 35% decline in operating revenue in Q1FY21 compared to Q1FY20. The figure stood at Rs 807 crore in Q1FY21,against Rs 1,245 crore in Q1FY20.
Providing a breakup, the network in a statement said, the operating revenue of news business (TV18) stood at Rs 230 crore, a 23% decline from Rs 298 crore recorded in Q1FY20. The entertainment business (Viacom18+AETN18+Indiacast) saw a 39% fall in revenue, declining from Rs 899 crore in Q1FY20 to Rs 546 crore in Q1FY21.
The consolidated Operating EBITDA stood at Rs 27 crore in Q1FY21 compared to Rs 46 crore in Q1FY20, a decline of 41%.
According to the company, linear TV subscription revenue remained resilient, wth 6% YoY growth in Q1.
"Digital remained a growth area across both News and Entertainment portfolios, with increased engagement witnessed in properties having strong brands. Flagship news portal
News18.com grew traffic >50%, being at the intersection of news content, vernacular language and digital medium. #2 broadcaster-OTT app VOOT saw an increase in consumption of digitalexclusive content, as catchup of TV content took a backseat due to re-runs being aired," said the network.
Commenting on the results, Adil Zainulbhai, Chairman of Network18, said: “The quarter that went by was the most challenging period that the industry has witnessed in many decades. That we are emerging on the other side bears testimony to our ability to question and modify established ways of operating, realign priorities and maintain focus, all while keeping our workforce safe and our audiences engaged. Our staff and employees undertook a heroic effort to adjust to the challenges posed by the pandemic, and kept our channels and properties running. We are proud of the personnel that kept the show going amidst trying circumstances, especially for the News18 network that provided peerless coverage and relevant campaigns during the pandemic. As we resume original content production in Entertainment amidst tight protocols, we wish to thank our audiences who have stood
by us over the years. Growing TV and Digital media consumption, a nimbler business strategy and further-strengthened core brands in our portfolio…..we believe this is indeed the new normal.”
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