ABS-CBN cuts net losses by 53%, GMA profits drop 34.7% due to advertising decline

ABS-CBN reduced its net losses by 53% in 2024, while GMA Network Inc. reported a decline in profits due to decreased advertising revenues.

GMA's annual report showed that its profit dropped 34.7% from P3.17 billion in 2023 to P2.07 billion, with consolidated revenues falling by 5.8% to P17.56 billion.

The company attributed the revenue drop primarily to a 5.5% decrease in advertising revenues and a significant decline in sales of goods by 36.1%, while core channel GMA 7 was also affected.

Despite these challenges, GMA noted an increase in fourth-quarter revenues due to political advertising and is expanding its digital presence with over 28 million subscribers on YouTube.

ABS-CBN, owned by the Lopez family, more than halved its net losses to P6.1 billion through reduced production costs and diversified business strategies since losing its franchise renewal in 2020.