TORONTO — Asian Television Network International (ATN), Canada’s largest South Asian broadcaster, today reported its consolidated operating revenue decreased 5% to $2.33 million in the first quarter ended March 31, 2021, compared to $2.45 million in the same three-month period of its 2020 fiscal year.
According to the company’s management discussion and analysis (MD&A) filed on Sedar, ATN’s subscription revenues declined 4% during the first quarter of 2021 compared to Q1 2020, which had a negative impact on its consolidated income.
“The company continues to experience declining revenue from consumers shifting towards illegal Internet piracy boxes. The impact of competition from other online over-the-top services that are legal is negligible compared to the impact due to a shift towards illegal IPTV boxes,” reads ATN’s MD&A.
ATN will be heartened by this court decision.
“Advertising revenues were stable compared to the same three months ended March 31, 2020 primarily due to businesses beginning to start spending their advertising budget again as the Canadian economy begins its preparation to open up its restrictions,” adds ATN in its MD&A.
The company’s net loss for the first quarter of 2021 was $337,477, compared to a net loss of $677,547 in Q1 2020, which represents a year-over-year improvement of 50%.
ATN reported negative EBITDA of $5,443 for the first quarter of 2021, compared to negative EBITDA of $110,199 in the same quarter of 2020.
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