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Network18 operational revenue declined 18% due to ad spend pullback

Network18 reported an 18% year-on-year (YoY) decline in operational revenue to Rs 387.7 crore for the quarter ended March 2017 (Q4 FY17). Reliance Industries-owned company reported an operational revenue of Rs 473.2 crore in the same quarter last year. For the full year, the company reported operational revenues of Rs 1,491 crore, a decline of 2% from Rs 1,527.3 crore last year.

Network18 said segment profits were impacted due to “pullback in advertising spends in the latter half, operating losses of the new initiatives in regional and digital broadcasting, and losses in digital commerce businesses.”

Consolidated net loss for the quarter stood at Rs 33.32 crore compared to Rs 24.98 crore in the same quarter last year.

Meanwhile, Network18 said that it is looking to sell Burrp, its restaurant search service.

Web operations

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On a standalone basis, Network18’s web business reported revenues of Rs 16.05 crore. This was an increase of 16.2% from Rs 13.8 crore in the same quarter last year.  The segment reported a loss before tax of Rs 8.06 crore compared to the loss of Rs 7.2 crore in the same period last year. In the preceding quarter, the segment reported a loss of Rs 7.54 crore.

Television operations

Revenue from television operations (TV18 Broadcast), rose 7% in the year to Rs 2,677 crore from Rs 2,494.8 crore in the previous year. Net profit declined 90% to Rs 19.1 crore.

“The media industry is still facing impact of deferment of advertising spends that kicked-in from November-December 2016 on likely slow-down in consumer spending. Further, the revival of advertising spends has been witnessed at a much faster clip for national channels, while regional markets are still recovering with a lag,” the company added.

Other highlights 

– Homeshop18: The company added that  HomeShop18 contributed substantially to the weakness in profitability. “The TV home-shopping business continues to face challenges due to a hit to cash-on-delivery payments and a poor spending appetite since November, competition from e-commerce and regulatory issues including the imposition of entry tax by several states. The management is taking steps to cut costs and accelerate operating break-even,” the company added.

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– BookMyShow: Network 18 added that the number of app installs is over 4 million. Over the quarter, it acquired ticketing platform Hyderabad-based MastiTickets and bought majority shareholding in Townscript, a Pune-based DIY (Do-it-Yourself) event registration and ticketing company.

– MoneyControl: Moneycontrol has around 7.3 million average unique visitors per month and more than 285 million average monthly page views on the website.

– Firstpost: Network 18 said Firstpost’s  average monthly mobile unique views showed a growth of 16% over the previous quarter.

VOOT:  Viacom18’s video streaming application VOOT  is clocking in more than 40 minutes of daily viewership.

Download: Financials and press release

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