Network18 Media and Investments Ltd on Tuesday reported a consolidated revenue from operations of Rs 3,141 crore ($376 million) for Q1 FY25, primarily driven by sports and news segments, while the firm’s digital portfolio grew in reach and engagement.
Comparing the results to the previous quarter, there was a growth in revenue by 29.83%, however, losses also increased by 6.73%. Year-on-year, revenues were down 3.03%, and the company also witnessed a significant 164.42% YoY increase in net losses.
Network18 stated that for the foreseeable future, its unit Viacom18 would continue to make investments in the sports and news segments to lead growth. The company said that both these segments are in the build-out phase, and have yet built a strong brand and consumer recall in a short time.
JioCinema delivered a record digital IPL viewership during the quarter. IPL 2024 reached 620 million viewers, a growth of 38% year-on-year. “It also witnessed a sharp increase in engagement, with audiences spending a total of more than 350 billion minutes watching the most popular annual sports spectacle, 50+% higher than last season,” the company declared.
On the other hand, Network18 group’s digital portfolio of brands fortified leadership positions during the quarter, with a sharp jump in monthly unique visitors. “With about 250 million unique visitors, Network18 closed the reach gap with the leader to just about 10 percent, compared to 50-plus percent in March 2023,” said the statement.
