Network18 has reported an increase in revenue by 20% at Rs 1,866 crore in the second quarter of the financial year 2023-24 compared to the same period last fiscal. The company credited the rise in revenue to the performance of its news business, movie Studio and sports vertical.

According to its earnings release, the company’s H1 FY24 revenue stood at Rs 5,104 crore, up by 77% from Rs 2,889 the corresponding period in the last financial year.

The company earned an operating revenue of Rs 1,438 crore from its entertainment vertical which include Viacom18, AETN18 and Indiacast in Q2 FY24, up by 22% from the same period the previous fiscal. However, the same vertical saw a spike of 97% in H1 FY24 compared to H1 FY23.

The company’s operating revenue from news business stood at Rs 357 crore in Q2 FY24, up by 20% Y-o-Y and for H1 FY24, it was recorded at Rs 693 crore, up by 23% from H1 FY23.

Viacom18 and AETN18 are 51% entertainment subsidiaries of TV18, while distribution-arm Indiacast is a 50:50 joint venture of TV18 and Viacom18.

Network18’s TV portfolio includes a network of 60 channels in India, spanning news, entertainment and sports genres. News network is housed in TV18 (listed subsidiary of NW18) and Viacom18 (subsidiary of TV18) operates in the entertainment and sports segments. Viacom18 also owns JioCinema, one of the biggest OTT platforms in the country. 

According to the company, the TV news network delivered a strong growth in advertising revenue despite the continued weakness in the advertising environment. It said that excluding government initiatives, the news industry saw a decline in ad inventory consumption.

The company said that advertising demand remains guarded due to soft consumer sentiment and the festive season is expected to bring positive momentum.

“Viacom18, in its quest to become the primary destination for sports in India, continues to aggregate rights of leading sports properties. With acquisition of exclusive media rights for the BCCI International and Domestic matches, it has become the home of India cricket. The rights include international men’s, women’s, and other domestic first-class competitions like Ranji Trophy,” said Network18 in its earnings release.

Viacom18 acquired BCCI’s TV and digital media rights for bilateral India matches for Rs 5963 crore for both the Indian sub-continent and globally, for the next 5 years.

Viacom18 saw a sharp growth in advertising revenue in Sports and Digital segments, said the company, adding that sports revenue was driven by the two cricket series - West Indies vs India and India vs Australia while the digital revenue was led by original shows like Bigg Boss OTT, Taali, Kaalkoot and TV network shows like Khatron Ke Khiladi.

However, advertising demand in the entertainment broadcast segment continues to be soft as spending by consumer goods companies and new-age clients remained weak, it said.