TORONTO – Asian Television Network (ATN) last week reported a net loss of $1.5 million for 2018, a much larger loss compared to 2017, on revenues of $14.83 million for the full year ended December 31, 2018.
Operating revenue fell 26% year-over-year, which the broadcaster said is due to a decline in subscription revenue, caused by consumer pressure for lower retail subscription fees. Net loss in 2017 was $164,000
“During 2016 to 2018, the company continued to experience declining revenues from consumers shift towards digital and on-line media consumption along with illegal IPTV set top boxes," reads ATN’s filings. “Additionally, a number of online media companies have entered the market with video offerings like over-the-top (OTT) and other channels streaming their own content.”
EBITDA for the year plunged 72%, from $995,286 at the end of 2017 to a loss of $489,032 for 2018.
Broken down by segment, ATN's subscription revenues for the year dropped 33% to $9.90 million; advertising revenue dipped 3% to $4.57 million; and programming revenue decreased 45% to $299,174.
ATN serves Canada’s diverse cultural communities with over 50 premium specialty television channels.
