The company’s operating income for the quarter fell 2.1% to Rs. 1,825 crore, while expenditure increased by 1.67% to Rs. 2,243 crores. Viacom18 plans to continue investing in digital and sports content to drive future growth.
Viacom 18 saw its revenue fall 5.4% to Rs. 1,339 crore, mainly due to fewer big films releasing compared to the previous year. However, the news segment, which includes both television and digital platforms, grew its revenue by 6% to Rs. 445 crore, driven by strong digital advertising, though television advertising remained weak.
In Q2 of FY24, Viacom18 Studios released two big-budget films, but none of the films released in the quarter, resulting in revenues of Rs. 330 crore was affected. However, this decline was offset by a 44% increase in subscription revenue, which rose to Rs. 733 crore, aided by a new pricing strategy and increased monetization of its sports portfolio.
Advertising revenue growth in both sports and non-sports sectors was primarily driven by digital.
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Viacom18’s over-the-top (OTT) platform, JioCinema, has experienced rapid growth in paid subscribers, reaching 16 million, driven by new pricing and new content. Meanwhile, MoneyControl Pro, a subscription-based financial news service, has grown its subscriber base to over 0.9 million, making it the market leader in India and among the top three in Asia.
In the same period last year Rs. 10 crore as against a loss of Rs. The news business showed an improved EBITDA with an operating profit of Rs 7 crore. The entertainment business also saw a 10% reduction in operating loss, which now stands at Rs. 194 crores.
In a significant development, after receiving regulatory approvals from the National Company Law Tribunal and Ministry of Information and Broadcasting, Network18 has completed its merger with TV18 and E18. Effective from 3rd October 2024, the merger creates India’s leading platform-agnostic news media network.
Adil Jainulbhai, Chairman, Network18 said, “We are delighted to complete 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 poised to become India’s most preferred news network. We are committed to building on this solid foundation, driving innovation and driving industry growth.”
Network18’s portfolio now includes 20 television channels in 16 languages and four online platforms in 13 languages. Viacom18’s portfolio includes 42 television channels, an OTT platform and a film studio. Other key investments by Network18 include 39.29% stake in BookMyShow and 24.5% stake in Eenadu Television.
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