The Philippine media landscape, once defined by a fierce rivalry between two giants, has evolved into a compelling study of divergent financial strategies. The period from 2024 to the first half of 2025 offers a clear picture of this shift, with GMA Network solidifying its position of dominance and profitability, while ABS-CBN Corporation continues its determined and challenging journey toward financial recovery.
This analysis delves into the financial reports of both media powerhouses, dissecting their revenues, profitability, and strategic pivots to understand how they are navigating a transformed industry.
GMA Network: Cementing Dominance and Riding the Wave of Profitability
For GMA Network, the past year and a half can be characterized by its robust and consistent financial performance, a direct result of its strategic advantage and operational efficiency. The network has successfully capitalized on its free-to-air broadcast franchise, a crucial asset in the Philippine market where television remains the primary medium for mass communication.
A Strong 2024 and Soaring 2025
While 2024 presented some challenges for GMA, with its full-year net income dipping to P2.07 billion from P3.17 billion in 2023, the first half of 2025 painted a different, highly promising picture. The network’s H1 2025 financial report revealed a staggering net income of P2.0 billion, a more than threefold increase from the previous year’s performance.
This remarkable surge was powered by a significant boost in consolidated revenues, which soared by 29.4% to P10.1 billion in the first semester of 2025. A key driver of this growth was a sharp increase in advertising revenue, which rose to P9.3 billion.
This was particularly fueled by the influx of political ad placements ahead of the May 2025 midterm elections, a cyclical but highly lucrative event for media companies. GMA’s strong ratings and expansive reach made it the top choice for political advertisers looking to reach a nationwide audience.
Beyond the election cycle, GMA’s financial health is underpinned by its diversified content portfolio, which includes hit public affairs programs like “Kapuso Mo, Jessica Soho” and a successful lineup of entertainment shows. The network’s ability to maintain its lead in nationwide ratings, as reported by Nielsen TV Audience Measurement, ensures it remains an attractive platform for a wide range of advertisers.
ABS-CBN Corporation: A Pivot Toward Recovery and Diversification
In stark contrast, ABS-CBN’s financial narrative is a testament to resilience and strategic adaptation. The company’s journey since the non-renewal of its broadcast franchise in 2020 has been one of survival and transformation. The financial reports for 2024 and the first half of 2025 show that this pivot is paying off, as the company has made significant strides in narrowing its losses.
Halving Losses and Building New Revenue Streams
ABS-CBN’s full-year 2024 financial report showed a significant reduction in its net loss, which was trimmed by more than half to P6.1 billion from P12.8 billion in 2023. The momentum continued into the first half of 2025, with the company further slashing its net loss by 60% to P852 million. This is a monumental improvement and signals that the company’s new business model is working.
The cornerstone of this turnaround is a fundamental shift away from a broadcast-centric model to a multi-platform content production and distribution company. This is reflected in the composition of its revenue. While consolidated revenues increased by 6% to P8.28 billion in H1 2025, the growth was driven by a new set of segments.
The “Content Production and Distribution” segment has emerged as the primary engine of growth, with revenues soaring by 29% to P6.35 billion in the first half of 2025. This segment is where the bulk of the company’s advertising revenue now resides, sourced through:
- Blocktime Agreements: ABS-CBN’s content is now broadcast on other free-to-air networks, most notably GMA Network and TV5, through strategic partnerships. This allows the company to still earn revenue from traditional television advertising without a franchise of its own.
- Digital Advertising: The company has successfully leveraged its massive online presence, with digital advertising revenue growing by 5% in H1 2025. Its platforms, such as iWantTFC and its expansive YouTube channels, have become vital for audience engagement and monetization.
- Content Licensing and Distribution: ABS-CBN’s content library has become a valuable asset. The company generates revenue by licensing its shows and films to various local and international streaming platforms and television networks, creating a global market for its productions.
The Elephant in the Room: Sky Cable and the Digital Battle
An important aspect of this financial analysis is the performance of each company’s non-core businesses. For ABS-CBN, its cable and broadband segment, Sky Cable, has been a major financial burden. The segment’s revenue dropped by a significant 33% in H1 2025 due to a declining subscriber base, leading to a net loss of P317 million. This revenue stream is a diminishing part of ABS-CBN’s overall business, and its planned sale will likely provide a financial boost and allow the company to focus on its more profitable content businesses.
In contrast, GMA Network is not facing similar headwinds. While it also has a strong digital footprint, its digital platforms serve as a powerful complement to its dominant free-to-air business, rather than a replacement. GMA has consistently reported leading in digital viewership and engagement, with billions of video views on platforms like YouTube and Facebook. This digital success allows GMA to offer a complete “on-air and online” package to advertisers, further solidifying its market leadership.
The Path Forward: Collaboration and a Transformed Industry
The financial reports for 2024 and H1 2025 reveal more than just numbers; they tell a story of a media industry in flux. The most surprising and telling development has been the collaboration between the two rivals. The “Pinoy Big Brother (PBB) Collab” between GMA Network’s Sparkle and ABS-CBN’s Star Magic is a prime example of a new era of “co-opetition.” This partnership, which has benefited both networks, showcases a maturity in the industry where strategic alliances can create value and audience engagement in a landscape where free-to-air television is no longer the sole king.
In conclusion, GMA Network’s financial performance in 2024 and 2025 reflects a company at the top of its game, capitalizing on its broadcast dominance and effectively leveraging its digital presence to drive growth. ABS-CBN, on the other hand, is a case study in corporate reinvention. Its impressive ability to cut losses and generate new revenue from content, digital platforms, and live events proves that a media company can thrive without a traditional broadcast franchise.
The financial trajectories of these two titans underscore a new reality: the Philippine media industry is more diverse and competitive than ever, with success measured not just by ratings, but by the ability to adapt, diversify, and engage with a multi-platform audience.
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