In its quarterly earnings report, TV18 said the group's news channels established strong positions in key markets with CNBC-TV18, CNN-News18 and News18 India ranked 1, 2, and 3 in their respective segments.
TV18 Broadcast Limited on Friday announced a 10 percent year-on-year increase in its consolidated revenue, at Rs 1,265 crore, in a challenging first quarter of the 2022-23 fiscal, which ended on June 30. The company had reported a total revenue of Rs 1,155 crore in the corresponding quarter of the previous fiscal.
The revenue was also powered by a 13 percent growth in TV18's entertainment business.
In its quarterly earnings report, TV18 said TV news revenue was flat year-on-year despite multiple state elections in the reporting quarter, though the group's news channels established strong positions in key markets with CNBC-TV18, CNN-News18 and News18 India ranked 1, 2, and 3 in their respective segments.
Among the first-quarter highlights, TV18 said Viacom18 bagging the digital rights to broadcast the Indian Premier League as a big win. Viacom18 has the exclusive digital streaming rights of the IPL for the Indian sub-continent for the next five seasons (2023-2027), which it bagged for for Rs. 23,757.5 crore. It also won the rights for 3 out of 5 international territories, which include major cricketing nations like South Africa, Australia, and UK, for Rs. 594.5 crore, the company said.
"With rights to a slew of diverse sports properties like football (FIFA World Cup, La Liga, Serie A and Ligue1), basketball (NBA), badminton, and tennis already acquired, Viacom18 is building one of the largest sporting destinations in the country, offering a compelling proposition for the core and casual sports fans," the company said in its report.
“The overall macro-economic environment has been challenging for the industry, but the key development for us this quarter was the acquisition of exclusive digital rights of IPL," said TV18 chairman Adil Zainulbhai.
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"With strong tailwinds favoring digital consumption, it gives us a perfect opportunity to scale-up our OTT offering. Coupled with the partnership with Bodhi Tree and Reliance, it will enable our entertainment and sports business to grow to a multiple of what it is today," he added.
"Our news network’s gradual rise in the share is a testament to the success of the strategic tweaks we have been making based on consumer insights," Zainulbhai added.
According to the report, operating costs for the quarter increased by 18 percent, with more than half of the increase driven by personnel cost. "However, to strengthen our competitive position across markets, we are investing, especially in getting new talent on board, which impacted the margins of the business during the quarter," the company said.
News18 was the highest reach news network in the country, reaching more than 180 million consumers on a weekly basis. In terms of viewership, it was the No. 3 player with 9.5m percent market share in the genre, TV18 said.
In the business news segment, CNBC-TV18 was "the undisputed leader in the English Business News genre with around 70 percent market share and CNBC Awaaz had a market share of around 40 percent".
Disclaimer: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
First Published: IST