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Network18 reports 28% decline in revenues from “Digital, Print & Others”; VOOT, HS18, BookMyShow

Network18 reported total consolidated operating revenues of Rs 1237 crores for the quarter ending September 2018 (Q2FY19), 9% higher than the Rs 1138 crores last year, and an improvement over Rs 1094 crores in the preceding quarter. The company said in a statement that revenues excluding movies grew 14% year on year. The company has posted a loss of Rs 67.87 crores, substantially lower than the Rs 113 crores last quarter. It reported a consolidated EBITDA of Rs 92 crores.

– Advertising revenues for TV18 were up 18% year on year, with regional channels driving viewership and ad revenues.
– Subscription revenues were up 16% year on year.

Network18 said that revenues for its “NW18 Digital, Print & Others” declined 28% year on year to Rs 39 crores, down from Rs 54 crores for the same period last year. It added however that digital revenues from prime properties MoneyControl, News18 & Firstpost grew 12% YoY to Rs 35 Crores. “The overall Network18 Digital, Print & Others revenue declined due to lower programming executed by 100%-owned content producer Colosceum.” It had said this last quarter as well.

Note that Network18 financials are being restated because of changes in the company’s structure: Viacom18 & Indiacast became subsidiaries of TV18 from 28th February 2018 and are consolidated into TV18/Network18 financials from 1stMarch 2018.

Impairment loss in HomeShop18

HomeShop18 has ceased to be a subsidiary of Network18 from 15th February 2018 as a result of its acquisition of ShopCJ through a share-swap. Network18 said in the release that the company “continues to face headwinds, as competitive pressure has been exacerbated by vendor supply issues.” The company has been “rightsizing” costs, and “focussing on contribution positive categories”. Still, it has taken an impairment loss of Rs 347 crores in the standalone P&L. “This does not have any impact on the
consolidated P&L”, Network18 said.

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Notes on Digital services

– VOOT, which is Viacom18’s online video service, has seen gross downloads of over 100 million, “with average daily viewership” of over 40 minutes. It has gone live on “Watch Actions” on Google Search.
– Network18 digital claims over 61 million unique visitors across devices, with 1.7 billion minutes in time-spent.
– Moneycontrol claims 3.5 million monthly active users. No data on Moneycontrol Pro was available. It offers an ad-free service.
– Regional languages on News18.com have grown 37% in viewership over the last quarter.
– In.com was relaunched in August 2018. It is being repositioned as a destination providing opinionated content around celebrities.
– BookMyShow: reported 4.2 million app installs. It entered into production with a partnership with Cirque De Soleil, and will be bringing their production Bazaar to Mumbai and Delhi in November 2018. It also forayed into theatrical events, and managed season 2 of Disney Alladin in Delhi, with an average occupancy of 75%. BookMyShow is also managing ticketing and operations for Bryan Adams’ tour of India.

Download: Press release | Financials

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