Key Points:
- Consolidated revenues surge by 142% YoY, reaching Rs 3,239 crore.
- TV18 Broadcast achieves remarkable operating revenue growth of 151% to Rs 3,176 crore.
- Viacom18’s revenue nearly triples YoY to Rs 2,839 crore, driven by JioCinema’s IPL success.
- JioCinema’s IPL streaming attracts 450 million viewers, generating 17 billion video views.
- TV News network delivers 26% revenue growth, maintaining leadership in Hindi, English, and Business news genres.
Network18 Media & Investments, India’s leading media conglomerate, has reported impressive financial results for the quarter ended June 2023. The company’s consolidated revenues reached Rs 3,239 crore, marking a significant year-on-year growth of 142 percent. This remarkable performance was primarily driven by the success of the Indian Premier League (IPL) on JioCinema, a popular streaming platform.
Network18’s TV News network experienced a notable 26 percent increase in revenues, attributed to its leadership position in key markets. The company’s channels continue to dominate the Hindi, English, and Business news genres, maintaining their status as the number one choice for viewers. However, despite improvements in certain areas, the advertising environment remained subdued.
One of the highlights of the quarter was JioCinema’s exceptional performance during the IPL. JioCinema attracted a staggering 450 million viewers, generating a total of 17 billion video views. The average watch-time per user per match exceeded 60 minutes. Notably, JioCinema’s IPL advertising revenue surpassed that of television, indicating the platform’s growing influence in the digital space.
In terms of profitability, Network18 reported a profit of Rs 29 crore for the period, reflecting a decline of 25.64 percent compared to the same quarter last year. Despite this dip, the company remains optimistic about its digital initiatives and their potential for future growth.
Adil Zainulbhai, Chairman of Network18, expressed his satisfaction with the strong start to the year and praised the outstanding results achieved through their digital initiatives. Additionally, he mentioned recent strategic leadership hirings that would support the company’s pursuit of becoming the largest and most admired media-tech company in India.
TV18 Broadcast, a part of Network18 and the largest news network in India with a wide presence across various languages, also experienced significant growth. Its operating revenue surged by 151 percent to Rs 3,176 crore, primarily driven by a remarkable increase in advertising revenue. News18, one of TV18’s channels, reached approximately 180 million consumers weekly and secured the second position in terms of viewership with a 12.3 percent market share in the news segment.
Network18’s entertainment segment, which includes Viacom18’s 38 channels, JioCinema, and AETN18’s two infotainment channels, witnessed a substantial revenue growth of nearly three times compared to the previous year, amounting to Rs 2,839 crore. This achievement was largely attributed to the exceptional performance of IPL on JioCinema, which attracted a significantly higher number of advertisers compared to television.
The digital segment faced challenges during the quarter due to a weak advertising environment. Revenue for the digital news segment remained flat at Rs 86 crore. Nevertheless, Network18’s digital portfolio continues to reach approximately 225 million internet users monthly. Notably, Moneycontrol, the company’s flagship financial news website, maintains its position as the top-ranking platform in terms of pageviews and time spent. The platform expanded its market coverage by introducing new features such as Know Your Stock, MC Long View, and MC Alpha.
Network18 Media & Investments showcased strong financial performance, with its digital initiatives and the success of the IPL on JioCinema driving substantial revenue growth. The company remains focused on leveraging its strengths in the media-tech sector and aims to consolidate its position as India’s largest and most admired media-tech company.
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