TV 18 Broadcast Revenue Increased by 10 Percent

TV 18 Broadcast Ltd announced on Tuesday that its consolidated revenue increased by 10% in the first quarter. The company's first-quarter revenue is estimated to be around Rs.1,265 crore, with an after-tax profit of Rs 60 crore.

"The overall macro-economic environment has been challenging for the industry, but the key development for us this quarter was the acquisition of exclusive digital rights of IPL (Indian Premier League). With strong tailwinds favoring digital consumption, it gives us a perfect opportunity to scale-up our OTT (over the top) offering," Chairman Adil Zainulbhai said.

He claims that this, along with the partnerships with Bodhi Tree and Reliance, will allow the entertainment and sports industry to expand even further. According to him, strategic changes made to the news network based on consumer insights increased its share.

Viacom18 has paid Rs 23,757.5 crore for the exclusive digital streaming rights to the Indian Premier League for the next five seasons (2023-2027). It also won the rights to three of five international territories, including major cricketing nations such as South Africa, Australia, and the United Kingdom, for Rs 594.5 crore.

According to TV 18 Broadcast, increased investments in entertainment content and marketing, as well as team ramp-ups to support growth plans, resulted in a 25% increase in operating costs and impacted profitability.