TORONTO – Asian Television Network (ATN) reported a second quarter net loss of $242,657, a steep drop of 945% compared to Q3 last year, on revenues of $3.77 million for the third quarter ended September 30, 2018.
Operating revenue fell 27% year-over-year which the broadcaster again said resulted from “increased Internet piracy and consumers shifting towards legal and illegal digital and on-line media” reads the company’s management discussion and analysis, which then referenced its involvement with Fair Play Canada.
Net income decreased this quarter primarily as a result of lower operating revenue while fixed costs remained consistent. EBITDA for the quarter plunged 94%, from $355,935 in the same period last year to $20,175.
Broken down by segment, ATN's subscription revenues for the period dropped 34% to $2.47 million; advertising revenue increased 4% to $1.20 million; and programming revenue declined 70% to $69,587.
“The Company continues to see consumers dropping their legal television providers for mostly illegal digital and online media companies”, reads ATN’s filings. “As a result, subscription revenue decreased for the quarter over same quarter last year by $1,262,196. Advertising revenues saw a slight increase for the quarter. Since advertisements are also seen on the legal services, the declines are not proportional, resulting in an increase of $41,098 and a decrease of $245,666 respectively for the three and nine months periods ended September 30, 2018 compared to the previous periods.”
ATN serves Canada’s diverse cultural communities with over 50 premium specialty television channels.
