Network18 Media & Investments reported consolidated revenues of Rs 3,239 crore for the quarter ended June 2023, up 142 percent year-on-year (YoY) driven by the performance of the Indian Premier League (IPL) on JioCinema.
The company said its TV News network delivered a 26 percent growth in revenues driven by leadership in key markets as its channels continue to be number 1 in the Hindi, English and Business news genres. However, the firm said that the advertising environment continued to be soft despite an improvement in some pockets.
The highlight of the quarter was JioCinema, which set new benchmarks for IPL streaming. Nearly 450 million viewers tuned in to JioCinema to watch IPL, delivering a total of 17 billion video views with an average watch-time of more than 60 minutes per user per match. In fact, JioCinema’s IPL advertising revenue is higher than TV, the company said.
The company said its profit for the period was Rs 29 crore, down 25.64 percent from Rs 39 crore in the same quarter last year.
“The year has started on a blockbuster note with our digital initiatives delivering phenomenal results,” said Adil Zainulbhai, Chairman of Network18. “We have made some key leadership hirings recently which will help the Group push through to the next phase of growth and help us reach our ambition of becoming the largest and most admired media-tech company of the country.”
Disclaimer: MoneyControl is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.