TV18 Broadcast Ltd reported consolidated operating revenues of Rs 3,176 crore for the quarter ended June 2023, up 151 percent from a year ago driven by the streaming of the Indian Premier League (IPL) on JioCinema.
Viacom18 set a new benchmark in digital streaming as IPL's total reach touched 450 million, the final match's reach at 120 million and peak concurrency at 32 million. JioCinema’s IPL advertising revenues were higher than those of TV's, the company said in a release.
However, TV18 added that the advertising environment continued to be soft despite an improvement in some pockets. Thus, its loss for the quarter ended June 2023 widened to Rs 21 crore from Rs 5 crore in the corresponding quarter a year ago.
TV18 said its news network continued to strengthen its position, crossing 12 percent all-India viewership share in the news genre during the quarter. The network also maintained its leadership position in key markets with News18 India, CNN News18, and CNBC TV18 leading the viewership charts in respective genres.
Entertainment network viewership share was at 10.1 percent during the quarter as IPL impacted the share of non-sports channels. Colors was the number two channel in weekend primetime with an 18 percent market share. Colors Kannada and Colors Marathi were the number two channels in their genres.
TV news network also registered strong growth in advertising revenue despite the continued weakness in the advertising environment, highlighted by the 5 percent YoY decline in news industry inventory consumption.
Viewership gains in key markets over the last few quarters have enabled the network to push up pricing, helping the revenue growth, the company said.
(Edited by : Keshav Singh Chundawat)
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