ABS-CBN eyes profitability within 18 months
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ABS-CBN eyes profitability within 18 months
MANILA -- ABS-CBN President and Chief Executive Officer Carlo Katigbak said the company eyes profitability within 18 months as costs and debt decline.
MANILA -- ABS-CBN President and Chief Executive Officer Carlo Katigbak said the company eyes profitability within 18 months as costs and debt decline.
In the recently concluded virtual Annual Stockholders' Meeting, Katigbak said the company is now operating at maximum efficiency with reduced debt level, declining costs and improved cash flow.
In the recently concluded virtual Annual Stockholders' Meeting, Katigbak said the company is now operating at maximum efficiency with reduced debt level, declining costs and improved cash flow.
"We have embraced our partnership model and feel that it has been good for us as well as for our partners. We hope to achieve profitability sometime within the next 18 months," Katigbak said.
"We have embraced our partnership model and feel that it has been good for us as well as for our partners. We hope to achieve profitability sometime within the next 18 months," Katigbak said.
He cited successful programs, movies and music as growth drivers, including "Batang Quiapo," "It’s Showtime," "Rewind," and "Hello, Love, Again." The latter hit P1.6 billion in global receipts.
He cited successful programs, movies and music as growth drivers, including "Batang Quiapo," "It’s Showtime," "Rewind," and "Hello, Love, Again." The latter hit P1.6 billion in global receipts.
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Katigbak also said the pop girl group BINI was a huge success in 2024 with several sold-out concerts and most streamed songs. He also acknowledged the success of the company’s digital footprint with its YouTube account having 51 million subscribers, the largest in Southeast Asia.
Katigbak also said the pop girl group BINI was a huge success in 2024 with several sold-out concerts and most streamed songs. He also acknowledged the success of the company’s digital footprint with its YouTube account having 51 million subscribers, the largest in Southeast Asia.
"I believe we are finally well positioned for a turnaround in 2025. The advertising market is recovering from last year and we will get an extraordinary bump from election-related advertising. We hope to sustain the gains by our digital businesses by growing our international licensing, film and music revenues," he said.
"I believe we are finally well positioned for a turnaround in 2025. The advertising market is recovering from last year and we will get an extraordinary bump from election-related advertising. We hope to sustain the gains by our digital businesses by growing our international licensing, film and music revenues," he said.
ABS-CBN's operating income improved by 40 percent compared to 2023, while net losses declined by 53 percent, primarily due to improvements in cost management and the growth in content production and distribution revenues, he added.
ABS-CBN's operating income improved by 40 percent compared to 2023, while net losses declined by 53 percent, primarily due to improvements in cost management and the growth in content production and distribution revenues, he added.
Katigbak said ABS-CBN is gearing up "for a future where television is no longer at the center of the Philippine entertainment universe."
Katigbak said ABS-CBN is gearing up "for a future where television is no longer at the center of the Philippine entertainment universe."
"It is also a future that is borderless, where content producers must battle for their share of a global audience. Inevitably, the next five years will bring in more disruption arising from technology, geopolitics and industry developments. But if there is one thing the past five years have proven, it is ABS-CBN’s ability to adapt to the times while remaining faithful to our mission of being in the service of the Filipino."
"It is also a future that is borderless, where content producers must battle for their share of a global audience. Inevitably, the next five years will bring in more disruption arising from technology, geopolitics and industry developments. But if there is one thing the past five years have proven, it is ABS-CBN’s ability to adapt to the times while remaining faithful to our mission of being in the service of the Filipino."
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