Pangilinan says TV5 to cut losses this year
Manuel Pangilinan —CONTRIBUTED PHOTO
MANILA, Philippines — Broadcast network TV5 is expecting to cut its losses this year, banking on new products from its multimedia platform to boost revenues.
TV5 chair Manuel Pangilinan told reporters late on Wednesday that the network was “moving in the right direction.”
“We’re praying that they will just break even. I’m happy with that,” Pangilinan said on the sidelines of Cignal TV Inc.’s Cignal Play Microdrama launch.
The billionaire heads conglomerate MediaQuest Holdings Inc., the holding firm of TV5 and Cignal TV.
Although no data on its finances are publicly available, TV5 has been bleeding, much like its peers in the industry, ABS-CBN Corp. and GMA Network Inc.
READ: TV5 takes over channel given up by CNN
Banking on Microdrama
MediaQuest president and CEO Jane Basas said they were hoping that the newly launched Microdrama would help pump gains into TV5 and help the network recover.
According to Basas, they are expecting to double registrations at the Cignal Play mobile application within the next 12 months, allowing it to reach nearly 3 million users across its Philippine platforms.
“With Cignal Play Microdrama, we’re bringing a new dimension to Filipino content that is short, impactful, relatable,” Basas said.
The first five episodes of the bite-sized series are available for free, while users have the option to pay P20 a day to access other episodes.
Cignal chief revenue officer Gerard Milan said they had three-day subscription packages for P50, and a one-week pass for P80. /dda
