Network 18 Media & Investments Announced Q1FY23 Result :
- Network18’s consolidated revenue grew 10% YoY to Rs. 1,340cr, amidst a challenging macro environment
- After announcing deal with Bodhi Tree and Reliance, Viacom18 made a giant leap towards building a compelling digital consumer proposition by acquiring the Indian subcontinent exclusive digital rights of IPL, India’s biggest sports property
- Entertainment business revenues grew 13% despite the Free-to-Air Hindi GEC going off DD FreeDish
- Digital News revenue continued to grow at a fast pace; TV News revenue was flat YoY despite multiple state elections in the base quarter
- TV18’s news channels established strong positions in key markets with CNBC TV18, CNN News18 and News18 India ranked #1, #2, and #3 in their genres, respectively
- 3 dedicated sports channels were launched by Viacom18 during the quarter
- Increased investments in entertainment content and marketing, and ramp-up of our teams, to support the growth plans, led to a 26% growth in operating costs and impacted profitability
- Viacom18 has acquired the exclusive digital streaming rights of the Indian Premier League for the Indian sub-continent for the next 5 seasons (2023-2027) for Rs. 23,757.5cr. It also won the rights for 3 out of 5 international territories, which include major cricketing nations like South Africa, Australia, and UK, for Rs. 594.5cr.
- IPL is the highest reach sports property in the country and will provide a strong entry point for consumers to come to Viacom18’s digital platform. It will play a pivotal role in helping establish it as India’s leading digital media, entertainment, and sports destination.
- With rights to a slew of diverse sports properties like football (FIFA World Cup, La Liga, Serie A and Ligue1), basketball (NBA), badminton, and tennis already acquired, Viacom18 is building one of the largest sporting destinations in the country, offering a compelling proposition for the core and casual sports fans.
- Viacom18, while continuing to strengthen its broadcasting vertical, is building a digital platform of the future, to provide best in class product, user experience to the fast-growing Indian digital audience. The platform will utilize a combination of exciting sports action and captivating entertainment content across Hindi and regional languages, to build a winning consumer value offering
Mr. Adil Zainulbhai, Chairman of Network18, said: “First quarter of FY23 has set the tone for the journey that we have undertaken towards making Network18 as India’s leading destination for content. The big development for us this quarter was the acquisition of exclusive digital rights of IPL. With strong tailwinds favoring digital consumption, it gives us a perfect opportunity to scale-up our OTT offering. Coupled with the partnership with Bodhi Tree and Reliance, it will enable our entertainment business to grow to a multiple of what it is today. We are also working towards creating a 3600 news offering with depth and breadth, which not only gives the user seamless experience across platforms, but also optimizes for relevance. We are laying down strong foundations on which our businesses can continue to grow for the foreseeable future."