Media firm Network18 Media & Investments Ltd on Wednesday (October 25) reported a consolidated net loss of ₹61 crore for the second quarter that ended September 30, 2023. In the corresponding quarter last year, Network18 Media & Investments posted a net loss of ₹36.5 crore, the company said in a regulatory filing.

In the reporting quarter, consolidated operating revenue stood at ₹1,865.5 crore, up 20.4% from ₹1,549 crore in the corresponding period of the preceding fiscal. At the operating level, the consolidated EBITDA loss stood at ₹218 crore in the second quarter of this fiscal over ₹32.6 crore.

The company secured the exclusive rights to broadcast international and domestic cricket matches organised by the Board of Control for Cricket in India (BCCI) for the next five years. Furthermore, Network18 Media & Investments has also acquired the media rights for the Indian Super League (ISL) for two years.

In the realm of digital streaming, JioCinema has emerged as India's leading over-the-top (OTT) platform, boasting record-breaking viewership numbers for marquee entertainment shows.

On the news front, Network18 has maintained its absolute leadership in the largest markets, with an all-India viewership share of 11.4%. Meanwhile, the entertainment network's share has seen a 50 basis-point increase, reaching 10.5%.

Despite these successes, the media industry still faces challenges, with advertising demand remaining guarded due to soft consumer sentiment. However, as the festive season approaches, the industry is hopeful that it will bring positive momentum and bolster ad revenues, it said.

TV18 News continued to be the network with the widest reach in the country, reaching 190 million people every week. The network maintained its leadership position in key markets with CNBC-TV18, News18 India, and CNN News18 being the No. 1 channels in their respective genres. TV18 was also the leader in primetime in the Hindi-speaking markets, solidifying its position as the network of choice in the region

Network18 continued to be the #2 digital publisher in the country with 225 million unique visitors every month. Moneycontrol maintained leadership in terms of engagement metrics and News18.com’s multiple regional language platforms were #1 in their respective markets.

TV news networks delivered a strong growth in advertising revenue despite the continued weakness in the advertising environment. News18's revenue growth was underpinned by the strong viewership share that the network has achieved over the last eighteen months which has helped it to improve pricing across the network.

Shares of Network18 Media & Investments Ltd ended at ₹68.30, down by ₹1.45, or 2.08%, on the BSE.

First Published:Oct 25, 2023 4:33 PM IST