ABS-CBN laying off 100 workers amid TV industry-wide decline in revenues

Over four years after its free-to-air broadcast business was shuttered during the Duterte administration, listed media company ABS-CBN Corporation is being hurt by an industry-wide decline in advertising revenues, forcing it to make another round of retrenchment.In a statement, ABS-CBN said that “TV industry as a whole has been hurt by lower consumer spending which translated into lower advertising spends.

Despite “significant progress” seen in many of its businesses this year, ABS-CBN said that low TV advertising revenues still hurt its business.“TV ratings continue to improve, Star Cinema produced two hits so far, with one of them being the highest grossing Filipino movie, and our music business has gotten a strong boost from the popularity of girl band BINI,” it said.However, it said that “company is also being affected by the global decline in the pay TV business.

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ABS-CBN to lay off 100 as ad revenues continue to drop industry-wide(1st UPDATE) The former broadcast giant is letting go of 3% of its roughly 3,300 workforce, after retrenching over 5,000 in 2020 following the loss of its legislative franchise
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