$3.4m loss for Network 10 amid pandemic year
10 still plans to invest in sporting rights despite impact of COVID-19.
Network 10 lost $3.4 million in 2020 as the COVID-19 pandemic wreaked havoc with television production schedule and sparked a media revenue crash.
The Australian Financial Review reports the company reported EBITDA of $53.6 million, excluding significant items.
According to filings with the Australian Securities Investments Commission, 10 booked a bottom-line loss for calendar year 2020 of $3.4 million. The network pulled in advertising revenue across its television and digital business of $582.9 million in the 12 months to December 31, 2020, compared to the $598.4 million reported in 2019.
10’s annual report notes the COVID-19 pandemic “has negatively impacted, and is expected to continue to impact the macroeconomic environment, as well as ViacomCBS’ business, financial condition and results of operations in 2021”.
The Age noted the network would continue to ramp up its investment in sporting rights.
Sales boss Rod Prosser said he is confident that a multimillion-dollar investment in football broadcast rights will deliver returns for the network and its streaming service, Paramount+, despite unpredictable market conditions caused by COVID-19 last year, and the ongoing lockdown in NSW.
“We’ve never shied away from the fact that we would always look at all rights, but having a [subscription] service as well as a linear and on-demand service, has allowed us to have a different conversation with sporting bodies,” he said. “Our desire now is to certainly grow in sport but it has to make sense from a ratings and audience point of view.”
Next week ViacomCBS launches new streaming service Paramount+.