ABS-CBN set to operate P600-million modern studios in Bulacan

  • Page Views 1666
  • ABS-CBN Corp. said two Hollywood-style studios in Bulacan province are expected to be operational in May this year.

    “The two sound stages will be operational by May. If you go to Bulacan, you will see the big structures already and it will be operational by May,” ABS-CBN chief financial officer Aldrin Cerrado said.

    ABS-CBN earlier said it invested at least P600 million for the construction of two sound stages in a 15-hectare lot in San Jose del Monte City.

    The company  plans to build 10 sound stages in the site.

    The network aims to save about 65 percent to 75 percent in shooting location costs with the construction of the new sound stages.

    ABS-CBN Corp. reported a net income of P3.16 billion in 2017, down 10.3 percent from P3.53 billion in 2016 in the absence of election-related advertisements.

    “Overall, we are pleased with our performance for 2017 and we are particularly happy to have exceeded our guidance for net income,” Cerrado said.

    “Top-line revenue growth, boosted by  a healthy increase in consumer sales, was about 9 percent,” he said.

    The company  generated consolidated revenues of P40.7 billion from advertising and consumer sales last year, representing a 2.3 percent year-on-year decline from 2016.

    Advertising revenues decreased 10.8 percent year-on-year because of high election-related advertising placements in the first half of 2016.

    Excluding election related placements, advertising revenues in 2017 went down by only 0.3 percent year-on-year, it said.

    Consumer sales increased P1.62 billion mainly resulting from the sale of ABS-CBN TVPlus and higher revenues from Sky Cable’s broadband and direct-to-home business.

    ABS-CBN TVPlus contributed a significant increase in revenues for the entire year with a total of 2 million boxes sold, up 53.5 percent or 702,000 additional boxes sold from 2016.

    Sky Cable’s revenues rose P4.1 percent year-on-year on higher broadband and direct-to-home subscriber count by 15,000 and 399,000, respectively.

    Total subscriber count of Sky increased 458,000 or 45.3 percent to 1.5 million subscribers as of end-2017.

    Kidzania generated P528 million in revenues with a total of 338,000 visitors in 2017 .

    O-shopping continuously offered new products and promos to assure quality home TV shopping and online experience. It generated P840 million in revenues, or 2.1 percent higher than in 2016.

    Direct costs and expenses reached P36.49 billion in 2017. Cash capital expenditures and program rights acquisitions amounted to P7.9 billion. (D.G. Amojelar, TMS)

    Share

    New Posts Recently publish post More

    • 21 October 2021
      3 days ago No comment

      Alden Richards continues to scale new heights; renews contract with GMA Network

      A proud Kapuso for over a decade: Alden Richards is a name that needs no introduction. With an impressive thread of local and international recognitions, box-office hits, top-rating series, and chart-topping albums, the Kapuso actor has proven worthy of his title as Asia’s Multimedia Star. Last October 15, Alden ...

    • 21 October 2021
      3 days ago No comment

      ABS-CBN wins Star Awards’ Best TV Station

      ABS-CBN won Best TV Station while its stars and shows also received recognition in the 34th Star Awards for Television held virtually by the Philippine Movie Press Club (PMPC) over the weekend. Among the 24 other winners from the Kapamilya was series Pamilya Ko, which was named Best Primetime ...

    • 21 October 2021
      3 days ago No comment

      Leni-Pacquiao tandem still possible

      Senator Manny Pacquaio has left the door open to stepping aside as a presidential candidate. Pacquaio has indicated that he may be willing to support the presidential bid of current Vice President Leni Robredo in the May 9, 2022 election. Pacquiao said on October 15 that he would be ...

    • 14 October 2021
      1 week ago No comment

      3 Steps to getting your BC Vaccine Card

      Related

    • 14 October 2021
      1 week ago No comment

      Maria Ressa’s Nobel Peace Prize is an international Rebuke of the Duterte Regime

      The Malaya Movement in Canada congratulates Maria Ressa as co-recipient of the 2021 Nobel Peace Prize. In its announcement, the Nobel Committee cited Ms. Ressa’s efforts to safeguard freedom of expression, which is a precondition for democracy and lasting peace. Ms Ressa …[is] receiving the Peace Prize for [her] ...

    %d bloggers like this: