Bilyonaryo - Business

Dominant channel down: GMA profit plunges 72 percent as Gozon network loses a third of ad revenue

May 2, 2023

Bilyonaryo.com

GMA Network Inc., led by bilyonaryo Felipe L. Gozon, saw its income plummet to levels seen three years ago, when rival ABS-CBN Broadcasting was still on air.

Despite a 72 percent audience share in Metro Manila, GMA reported a 72 percent year-on-year drop in profit to P602 million in the first three months of 2023.

This is slightly higher than its P583 million profit in the first quarter of 2020, when it was still competing with ABS-CBN, which was shut down in May.

Shares of GMA crashed to their lowest level in one year to P9.95 when it released its disappointing income report on May 2.

GMA’s revenues were slashed by a third to P3.7 billion in the first quarter of 2023 from P5.5 billion in 2022.

The firm blamed the absence of political advocacies and advertisements in 2022 for the steep drop in revenue.

“Suffering the biggest setback was GMA 7, with sales down 37 percent, despite its ratings dominance in TV broadcasting,” GMA said.

GMA’s profit was eroded by the rise in talent fees and service rentals (up 5 percent to P1.327 billion) and personnel and general expenses (up 4 percent to P1.485 billion).

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