TV18 Broadcast Q1 consolidated revenue stands at Rs 3176 cr

TV18 Broadcast has recorded a consolidated operating revenue of Rs 3,176 crore in Q1FY24. The network has witnessed a 151% rise on YoY basis from Q1FY23’s consolidated operating revenue of Rs 1265 crore.

The marketing, distribution and promotional expenses have grown 80% to Rs 517 crore in Q1FY24 as compared to Rs 287 crore for the year ended June 30, 2023.

The network in an official statement highlighted that Viacom18 has set a new benchmark in digital streaming with IPL’s total reach being 450 million and the final match’s reach being 120 million, while peak concurrency was 32 million.

“JioCinema’s IPL advertising revenue is higher than TV as the platform takes digital reach and engagement to unprecedented levels. Also, the TV News network delivered strong growth in revenue driven by leadership in key markets; continues to be #1 in the Hindi, English and Business news genres. The company’s consolidated revenue for the quarter grew 151% YoY to Rs. 3,176 crore, driven by the performance of IPL on JioCinema. The advertising environment continues to be soft with improvement in some pockets,” said the company.

Adil Zainulbhai, Chairman of TV18, said, “The year has started on a blockbuster note with our digital initiatives delivering phenomenal results. The transformation to a digital-first approach has become a reality and we will continue to lead this effort at scale while leveraging the strengths of our traditional business. We have made some key leadership hirings recently which will help the Group push through to the next phase of growth. With talent, resources, and technological capabilities at our disposal, we look forward to driving long-term growth across all our businesses.”

Subscription revenue grew by 19% to Rs 528 crore in Q1FY24 as compared to Rs 444 crore in Q1FY23, the company said.

The network said IPL ad revenue on JioCinema was driven by the scale, targeting ability, cost flexibility, measurement, and integration options on the platform. These features offered significant advantages to JioCinema’s 26 sponsors and more than 800 advertisers.

According to the financial statement, Viacom18’s non-sports network saw a pick-up in advertising demand on key channels with regional networks delivering growth. However, the spends by new-age clients remained weak due to an increased focus on profitability and the soft start-up funding environment, posing a challenge in driving growth. Also, the TV news network registered strong growth in advertising revenue despite the continued weakness in the advertising environment, highlighted by the 5% YoY decline in news industry inventory consumption. News18 was able to drive growth powered by the increase in viewership share and a strong focus on IP events-led advertising revenue. Viewership gains in key markets over the last few quarters have enabled the network to push up pricing, helping the revenue growth, the network said.