Update on ABS-CBN Corp Losses Based on Financial Report
ABS-CBN CORP – The ABS-CBN Corporation faced billions of net losses in just six (6) months from January to June 2021 based on their financial report.
It is no secret to the public that things have been hard for ABS-CBN Corporation since the franchise renewal of their broadcasting network was denied. The network is not allowed to operate on free TV and many of their shows had to be canceled.
The shutting down of ABS-CBN sparked different reactions from the people. It is more than a year now since the Court decided not to allow the network, one of the biggest broadcasting networks in PH which has operated for decades already, to renew their franchise or get a new one.
ABS-CBN even allowed their talents to transfer to other networks or accept other offers as many have families to feed and bills to pay. Despite all the challenges, it remains hopeful that the light will shine again.
In the first six (6) months of 2021, the ABS-CBN Corp incurred billions of net losses. Based on a report on ABS-CBN News, the financial report of the giant company showed that it suffered P3.4 billion net losses from January to June 2021.
Meanwhile, it is quite lower compared to the P3.9 billion net losses in the same period in 2020. According to the report, the net losses of the company this 2021 ended with P1.44 billion in June compared to the P3.1 billion in the same period last year.
The advertising revenues of the company dropped by 57.1% and the firm points to the company not being allowed on the free-to-air advertising field. To cope with the challenges, the network launched the Kapamilya Channel on cable TV and a digital streaming channel – the Kapamilya Online Live.
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