Both companies posted a surge in advertising revenues ahead of the May midterm elections, backed by strong content and tighter cost controls.
GMA Network’s consolidated revenues jumped 28 percent to P4.68 billion, as advertising revenues soared 29 percent to P4.34 billion.
“Television and radio broadcasting both enjoyed upbeat sales, buoyed by the influx of political advocacies and advertisements in view of the upcoming mid-term elections this May,” GMA Network said in its latest quarterly report. Consumer sales also rose 18 percent to P346 million.
Earnings before interest, taxes, depreciation and amortization (EBITDA) more than doubled to P1.65 billion, while operating expenses increased by just 5 percent.
ABS-CBN posted a positive recurring EBITDA of P391 million, reversing a P379 million loss from the same period last year. Revenues rose 4 percent to P4.2 billion, with ad revenues climbing 25 percent to P1.8 billion and consumer sales up 16 percent to P1.4 billion.
ABS-CBN said gains were "driven by a jump in regular advertising, and in particular, election-related advertising. Regular advertising revenue was boosted by a significant improvement in ratings for the leading primetime shows".
For the consumer segment, ABS-CBN saw a strong boost in consumer revenues thanks to box-office hits like “And the Breadwinner is…” and “My Love Will Make You Disappear,” especially in overseas markets.
Added momentum came from iWantTFC’s growing international subscriber base and BINI’s historic sold-out concert at the Philippine Arena, its quarterly filing showed.
Digital ad income surged 32 percent, helped by iWantTFC and YouTube.
GMA maintained its momentum while ABS-CBN’s recovery was also fueled by streaming, box-office films, and global concerts that resonated with overseas audiences.
