GMA Network Inc. is spending P20 billion in capital expenditures over the next 3 years to build new studios, produce more content, and expand its digital TV reach.
Felipe L. Gozon, the company’s chairman, said the 3-year capital will be spent mainly in the construction of a new building that will house new art studios for the production and post-production of fresh content. It also covers the expansion of its digital TV offerings, including home and mobile television.
“Surpassing seven decades is no easy feat for our company especially during an exceptionally challenging year in 2020, but we are very proud of what we have achieved so far through our people’s dedication and our commitment to Serbisyong Totoo,” Gozon said in a statement.
Gozon did not provide a breakdown of the 3-year capex.
The company said it is set to officially unveil early this year its mobile digital TV receiver, GMA Now, which will enable viewers to watch TV on the go for free with bonus interactive features.
Further diversifying its programming, GMA said it is the new home of the National Collegiate Athletic Association for Season 96 to 101—including the centennial year of the Philippines’s first athletic league in 2024.
GMA recorded a 78-percent increase in net income in January to September 2020, booking P3.91 billion in profits from P2.19 billion the year prior.
Its top line increased by 4 percent to P12.66 billion from P12.22 billion, while its total operating expenses dropped by 23 percent to P7.06 billion from P9.12 billion.
While it had also been affected by the economic crisis spawned by the Covid-19 pandemic, the company said it was able to recover its airtime sales during the second half of 2020. GMA said it also got a boost from the launch of its DTT receiver, GMA Affordabox, in June.