Mumbai (IANS) Television major TV 18 Broadcast Ltd on Tuesday said it closed the first quarter with a 10 per cent growth in its consolidated revenue.
According to the company, its first quarter revenue is about Rs.1,265 crore and after tax profit Rs 60 crore.
“The overall macro-economic environment has been challenging for the industry, but the key development for us this quarter was the acquisition of exclusive digital rights of IPL (Indian Premier League). With strong tailwinds favoring digital consumption, it gives us a perfect opportunity to scale-up our OTT (over the top) offering,” Chairman Adil Zainulbhai said.
He said this, coupled with the partnership with Bodhi Tree and Reliance, will enable the entertainment and sports business to grow further.
According to him, the strategic tweaks made in the news network based on consumer insights resulted in an increase in its share.
Viacom18 has acquired the exclusive digital streaming rights of the IPL for the Indian sub-continent for the next 5 seasons (2023-2027) for Rs 23,757.5 crore. It also won the rights for three out of five international territories, which include major cricketing nations like South Africa, Australia, and UK, for Rs 594.5 crore.
According to TV 18 Broadcast, increased investments in entertainment content and marketing, and ramp-up of its team teams, to support the growth plans, led to a 25 per cent growth in operating costs and impacted profitability.