Network18 Media and Investments reported a net loss of Rs 152 crore for the quarter ending September 30, 2024. This reflects a 27.73% increase in losses compared to Rs 119 crore for the same quarter in 2023.
The company cited its investments in sports and digital initiatives at Viacom18 as the key factors affecting overall profitability.
The company’s operating revenue for the quarter declined by approximately 2.17%, dropping to Rs 1,825 crore from Rs 1,865 crore in the same period last year.
The total income saw a slight rise of 0.34%, reaching Rs 2,059 crore, compared to Rs 2,052 crore in the corresponding quarter of 2023.
The company’s operating revenue from TV, digital, and print news increased by 6% to Rs 445 crore in the second quarter. However, its revenue from entertainment (Viacom18) saw a 5.59% decline, dropping from Rs 1,416 crore in Q2 FY24 to Rs 1,339 crore in Q2 FY25.
The subscription revenue rose from Rs 511 crore in Q2 FY24 to Rs 733 crore in Q2 FY25. However, income from film production and distribution dropped sharply, falling from Rs 374 crore in Q2 FY24 to Rs 44 crore in Q2 FY25.
As the merger of TV18 and E18 with Network18 completed, in a regulatory filing, the Company stated that the Scheme of Arrangement became effective on October 3, 2024, post receipt of approval from the Ministry of Information and Broadcasting. The Scheme was sanctioned by the NCLT, Mumbai bench, on September 5, 2024. The Appointed Date of the Scheme is April 1, 2023.
The merger of TV18 and E18 with Network18 has created India’s largest platform-agnostic news media powerhouse with the widest footprint across languages, straddling both TV and Digital, the network stated.
The network has a monthly reach of over 350 million on TV and around 250 million Monthly Unique Visitors across its digital portfolio. As consumers and advertisers increasingly gravitate towards omni-channel experiences across different aspects of their lives, having a deep and integrated presence across both TV and Digital media will enable the merged entity to serve them better.
The combination of the businesses will result in operational synergies, cost optimisation and opportunities for increased revenue realisation.
Other than Viacom18, substantial investments of Network18 include BookMyShow (39.29%) and Eenadu Television (24.5%).
As per the Company, Network18’s digital brands saw an all-round growth in operating metrics as the network continued its push towards overall leadership. TV News business gained viewership share while maintaining leadership in key genres.
“Network18’s portfolio of 20 channels (including News18 Lokmat) continued to be the highest reach TV news network in the country with a weekly reach of 200+ mn1 people across the country,” the Company said.
Also, the network highlighted that JioCinema continued to be the fastest growing subscription-based OTT platform, crossing 16 million paid subscribers with a 2x QoQ growth.
“Affordable monthly subscription plans of Rs29/month and Rs89/month (family plan) and an expanding content catalogue has helped the growth in subscribers. The third season of digital exclusive Bigg Boss OTT was the top driver of subscription and watch-time. Bigg Boss Marathi replicated its success on TV, becoming the third most-watched show on the platform. Network non-fiction shows like Laughter Chefs, Khatron Ke Khiladi, and Splitsvilla were complemented by digital exclusive shows like Shekhar Home and Pill. International content catalogue on JioCinema was amongst the top drivers of subscriber acquisition during the quarter. Kung Fu Panda 4, Dune 2, Godzilla x Kong, and Fall Guy were some of the popular international show and movies added on the platform during the quarter,” the Company stated.
It added that Viacom18’s coverage of Paris Olympics 2024 delivered the highest ever viewership of the event with 170+ million viewers and 15 billion minutes of watch-time across JioCinema and Sports 18. JioCinema had up to 20 concurrent live streams spanning 17 dedicated feeds for sports and 3 curated streams for India matches and other high viewer interest events.
“A combination of comprehensive coverage and a growing interest in non-cricket sports led to high engagement of over 50 mins/day on JioCinema. The sports network also aired India versus Bangladesh cricket test series, Indian Super League and other popular sports
events, cementing its position as the home of sports,” it stated.
“We are happy to have completed the merger of our news businesses. With a strong portfolio of TV channels and digital platforms, covering the breadth of the country and catering to its linguistic diversity, we are ideally positioned to become the most preferred news network of India. We are committed to push the boundaries of innovation and lead the growth of the industry as we build on this strong foundation,” Adil Zainulbhai, Chairman of Network18, said.
