TV18 Broadcast Limited announced its results for the quarter ended June 30, 2022. The company’s consolidated revenue grew 10% YoY to Rs. 1,265cr, amidst a challenging macro environment.
After announcing a deal with Bodhi Tree and Reliance, Viacom18 made a giant leap towards building a compelling digital consumer proposition by acquiring the Indian subcontinent exclusive digital rights of IPL, India’s biggest sports property for the next 5 seasons (2023-2027) for Rs. 23,757.5cr. 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. 594.5cr.
The Entertainment business revenues grew 13% despite the Free-to-Air Hindi GEC going off DD FreeDish. The TV News revenue was flat YoY despite multiple state elections in the base quarter. TV18 consolidated revenue grew by 10%, driven by the 13% growth in Entertainment business revenues.
3 dedicated sports channels were launched by Viacom18 during the quarter. During the quarter, Viacom18 increased its investments across content categories, in order to grow its share of TV viewership and to expand its growth businesses – Digital and Sports.
“The network has Increased investments in entertainment content and marketing, and ramp-up of our teams, to support the growth plans, led to a 25% growth in operating costs and impacts profitability,” read the statement.
Commenting on the results, Adil Zainulbhai, Chairman of TV18, said, “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. 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. 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. Our endeavor is to make both our News and Entertainment verticals, default platforms of choice for consumers across the country.”
