The strategy to focus on content, which was led by ABS-CBN president and CEO Carlo Katigbak, pushed up segment revenues by 6 percent to P11.94 billion while slashing losses by 69 percent, from P5.75 billion in 2023 to P1.8 billion last year.
Still, this rebound wasn’t enough to fully offset the slump in total revenue, which slipped 6 percent to P17.3 billion as cable and broadband revenues fell 25 percent to P5.39 billion, dragged by falling subscriptions.
ABS-CBN shares finished Tuesday's session lower by 0.66 percent to P4.55 each.
Steep losses in cable, broadband
The cable segment posted the steepest decline, with net losses still deep at P4.3 billion in 2024, though lower than the P7.1 billion loss recorded in 2023.
Revenues fell by P1.8 billion year-on-year, largely due to the continuing shift of viewers away from traditional cable and toward streaming platforms.
Even with cost cuts, this segment remains a drag on the company’s overall financial performance.
The content delivers big wins
Advertising revenue held steady at P6.7 billion, but consumer revenue jumped 14 percent—from P4.6 billion to P5.2 billion—thanks to strong demand for music, films, and events.
ABS-CBN staged sold-out concerts for rising P-pop group BINI and the return of ASAP California, while two of its movies posted standout box office runs during their theater debuts.
ABS-CBN cites “outstanding” gains in film
“The film division delivered outstanding improvements in its business, driven by worldwide ticket sales for various releases, including record-breaking performances for two movies during their theater runs,” ABS-CBN said.
This includes the hit move “Hello, Love, Again”, which went to post historic-high box office earnings of P1.6 billion.
Growing digital presence
The company widened its reach by merging global streaming into iWantTFC and ramping up content presence on YouTube, TikTok, X (formerly Twitter), and Facebook.
Strategic partnerships also played a key role, with ABS-CBN sealing content distribution deals with Netflix, Amazon Prime, GMA Network, Cignal, Viu, and others.
