ABS-CBN Corporation Reported P12.83 Billion in Net Loss in 2023, P18.51 Billion in Consolidated Revenue, Almost Flat

As impairments affected the bottom line, ABS-CBN reported a P12.83 billion wider net loss in 2023 compared to a P2.64 billion net loss in 2022 in the financial report that was filed with the PSE.

The ABS-CBN Corporation's operational results for the year ending December 31, 2023, are compiled in the table.

In 2023, regular advertising revenue amounted to P6.7 billion, indicating a 16% increase, or P912 million, over 2022. At P11.8 billion, consumer sales revenue is P954 million, or 7%, less than in 2022, mostly as a result of declining Sky Cable subscription revenues. Total consolidated revenues for the year ended December 31, 2023, were P18.51 billion, almost unchanged from P18.55 billion the year before.

​The net operating loss for the year was P3.5 billion, down P1.3 billion, or 27%, from P4.8 billion the year before. Lower costs and more advertising revenue are the driving forces behind this. The net loss for the year was P4.4 billion, which was P1.4 billion, or 24% less than the P5.8 billion loss for the prior year before impairment, one-time gain, and taxes. EBITDA improved by P1.1 billion, from P705 million in 2022 to P381 million in 2023, excluding one-time gains.

ABS-CBN Corporation sought to establish new commercial partnerships with both domestic and international organizations in order to secure the most possible exposure and revenue for its programming assets, even in the event that its franchise was not renewed.

In addition, ABS-CBN started stepping up co-productions, content sales, and licensing of its library and material to domestic and foreign customers, including TV5, GMA Network, AllTV, Amazon, Netflix, and Viu.