ABS-CBN headquarters. File

MANILA — ABS-CBN Corp trimmed its net loss by more than half as of the end of 2024 compared to the previous year, according to a report disclosed to the Philippine Stock Exchange.

Net loss settled at P6.1 billion as of December 31, 2024, an improvement of 53 percent compared to the P12.8 billion reported in 2023, the company said.

Consolidated revenues hit P17.3 billion in 2024, down 6 percent compared to the previous year mainly due to the drop in revenues of SKY which was driven by a reduction in its subscriber base. Meanwhile, Content Production and Distribution’s revenues rose to P11.9 billion, an increase of 6 percent as of December 31, 2024 compared to 2023, it said.

While advertising revenue remained flat in 2024, Consumer revenue rose by 14 percent to P5.2 billion in 2024 driven by the performances of the Film, Music and Events division, ABS-CBN Corp said.

Worldwide ticket sales for various releases such as the record-breaking performance of 2 movies buoyed Film division’s outstanding improvement, the Lopez-led firm said. It also added that the Music and Talent divisions also continue to drive revenue growth with the blockbuster performances of their domestic and overseas events including concerts of the breakthrough group BINI and ASAP California.

To ensure optimized exposure of ABS-CBN’s quality content, the company continues to pursue partnerships with local and foreign firms, as well as third-party platforms, including Zoe Broadcasting Network Inc, TV5, Cignal TV, GMA Network, Advance Media Broadcasting Services Inc, Netflix, Viu and Amazon Prime.

ABS-CBN also continues to strengthen its other distribution channels including iWantTFC, and its pages on YouTube, Facebook, Instagram, X and Tiktok.