ABS-CBN remains to be barely profitable three years since it was denied a franchise. The latest setback it has faced is the announcement of shutting down TeleRadyo on June 30. While its other platforms like ANC will still remain operational in the meantime, ABS-CBN said that it is seeking more partnerships in order to stay afloat.
“We’re willing to work with any partner, whether in free, pay TV, or online streaming,” ABS-CBN President and CEO Carlo Katigbak said during the company’s annual stakeholder meeting.
In the past 3 years, ABS-CBN has struck partnerships with Amazon Prime Video, Netflix, Viu, and YouTube to syndicate some of its top TV series shows. It also signed a deal with rival network GMA to produce a TV show and for the latter to use ABS-CBN’s iWantTFC platform for a wider international reach. Aside from GMA, ABS-CBN also partnered with TV5, PIE Channel, AMBS, and A2Z.
All of these partnerships have helped ABS-CBN cut its losses: its net loss in 2022 was Php 2.63 billion, which is a significant decrease from its net loss of Php 5.67 billion in 2021.
In its effort to survive, Katigbak emphasized that the main strength of ABS-CBN is storytelling, citing the success of shows like Ang Probinsyano, Partners in Crime, and An Inconvenient Love.
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Author: Duey Guison