ABS-CBN cuts net loss by over half in 2024

ABS-CBN Corp. significantly reduced its net loss by over half to P4.37 billion in 2024, despite lower revenues and production costs.

The company's consolidated revenue declined by 6.37% to P17.33 billion from P18.51 billion in the previous year due to a decrease in cable TV and broadband services.

Content Production and Distribution saw a 5.57% increase in revenues, while advertising remained a major contributor at 39% of total revenues.

ABS-CBN continues to explore partnerships with local and international firms to maximize content exposure through multiple distribution channels, despite the expiration of its franchise in 2020.

The company's reduced production costs helped offset the decline in revenues, leading to a decrease in consolidated costs and expenses by 19.92%.