Network18 Q1 FY23 consolidated revenue up 10% at Rs 1,340 cr

Network18 has reported a 10% YOY growth in consolidated revenue for the first quarter ended June 30, 2022 to Rs 1,340 crore, amidst a challenging macro environment. Entertainment business revenues grew 13% despite the Free-to-Air Hindi GEC going off DD FreeDish.

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. Three dedicated sports channels were launched by Viacom18 during the quarter.

Click here to check the Award Categories

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.

Highlights for Q1FY23

Viacom18 to be the exclusive digital destination of IPL for the next 5 years

• 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 23,757.5 crore. 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 594.5 crore.
• 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.

Viacom18 stepped up content investments in TV and Digital

• During the quarter, Viacom18 increased its investments across content categories, in order to grow its share of TV viewership and to expand its growth businesses – Digital and Sports.
• TV network ramped up programming with 2 new weekday slots and 1 additional impact show in Hindi, along with increased spends on movie channels and regional markets. A step-up in digital content - 9 new shows/ movies were launched on the digital platform this quarter compared to none last year, and sports related costs added to the investments.
• Marketing spends also grew significantly for the launch of new shows (TV and Digital) and to promote the 3 sports channels launched during the quarter.
• As Viacom18 scales-up its presence in sports and digital segments, content investments are expected to continue to increase going forward.