Media firm Network18 Media and Investments Ltd on Tuesday (July 18) reported consolidated total revenue of Rs 3,238.9 crore for the first quarter that ended June 30, 2023, up 142 percent against Rs Rs 1,339.9 crore in the corresponding period of the preceding fiscal.
The company posted a net loss of Rs 38.7 crore for the first quarter. In the corresponding quarter last year, Network18 had posted a net loss of Rs 33.2 crore, the company said in a regulatory filing.
At the operating level, the company reported an EBITDA loss of Rs 84.4 crore in the first quarter of this fiscal against a profit of Rs 46.2 crore in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.
JioCinema set new benchmarks for IPL streaming with the platform attracting 120 million+ viewers for the final match, making it the most-watched digital event globally. Nearly 450 million viewers tuned in to JioCinema to watch IPL, delivering a total of 17 billion+ video views with an average watch time of more than 60 minutes per user per match.
TV18 News network continued to strengthen its position, crossing 12 percent all-India viewership share in the news genre. The network maintained its leadership position in key markets with News18 India, CNN News18, and CNBC-TV18 leading the viewership charts in their respective genres.
The network also had No. 1 channels in five markets, including Uttar Pradesh/Uttarakhand, Rajasthan, Madhya Pradesh/Chhatisgarh, maintaining its status as the network of choice in the Hindi-speaking markets.
Entertainment network viewership share was at 10.1 percent during the quarter as IPL hit the share of non-sports channels. Colors was the No. 2 channel in weekend primetime with an 18 percent market share.
Network18 was the No. 2 digital publisher in the country, reaching 225 million monthly unique visitors. Moneycontrol continues to rank N.o 1 in terms of engagement metrics and News18.com’s non-English language portfolio was No. 2 in terms of reach.
Adil Zainulbhai, Chairman of Network18, said this year has started on a blockbuster note with the platform's 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.
"We have made some key leadership hirings recently which will help the group push through to the next phase of growth and help us reach our ambition of becoming the largest and most admired media-tech company of the country. With talent, resources, and technological capabilities at our disposal, we look forward to driving long-term growth across all our businesses," he said.
The results came after the close of the market hours. Shares of Network18 Media and Investments Ltd ended at Rs 64.15, down by Rs 0.82, or 1.26 percent on the BSE.
Disclaimer:
RIL, the promoter of Reliance Jio, also controls Network18, the parent company of CNBCTV18.com.
(Edited by : Shoma Bhattacharjee)
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