ABS-CBN's adverting minutes in Daytime dropped significantly affecting its total Advertising Revenues. However, growth in its prime time advertising minutes help augment the drop in Daytime. Advertising revenues across all platforms and subsidiaries went up four percent to P4.2 billion.
ABS-CBN Corp. downgraded its net income projection this year to only P1.3 billion down from P2.24 billion in 2011 and P3 billion in 2010 amidst growing expenses and industry-wide decline in advertising spending.
The company has earmarked around P5 billion for its capital expenditure program this year, majority of which or P2 billion will go to the continued expansion of the broadband business. Around P1.2 billion will be channeled to flagship station Channel 2. Another P1 billion will be used to acquire film rights while P700 million will go to the launch of its digital terrestrial TV.
TV NETWORK WAR ORIGINAL