New Building, New Shows: GMA Network Bares P20 Billion CAPEX for the Next 3 Years
Listed GMA Network Inc. is setting aside P20 billion for its capital expenditure for a new building and to boost its content for 2021 to 2023.
In a disclosure to the Philippine Stock Exchange, the capital expenditure will go to the construction of a new building as well as state-of-the-art studios inside the GMA Network complex in Quezon City. A huge portion of its budget is also allocated for content production and post-production, the network said.
The Kapuso network said the CAPEX will also cover “the continuing expansion of its digital terrestrial television (DTT) reach and various projects in the regions to further strengthen GMA’s presence nationwide.”
In addition, GMA will officially unveil its mobile digital TV receiver, GMA Now, which will enable viewers to watch TV on the go for free with bonus interactive features. The launch is scheduled early this year.
GMA has seen its ratings spike after its rival ABS-CBN was ordered shut down last year following the non-renewal of its congressional franchise. The company posted revenues of P5.9 billion during the third quarter of 2020, which is up 37.2 percent from the P4.3 billion it earned in the same period in 2019. Net income was also up nearly 200 percent, from P836 million to P2.5 billion.
According to GMA's statement, “while the network was not spared in the global crisis in 2020 due to the COVID-19 pandemic, the seven-decade strong media giant was able to recover its airtime sales during the second half of the year coupled with the highly successful launch of its DTT receiver, GMA Affordabox, in June.”
"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,” said GMA Network Chairman and CEO Felipe L. Gozon. “We wholeheartedly thank all our Kapuso for their unrelenting support to GMA. Rest assured that your Kapuso Network will continue to provide only the best for our viewers.”
GMA Network offers programming on its main channel GMA-7 and UHF station GMA News TV, as well as digital channels Heart of Asia for Asianovela fans; Hallypop for Asian pop culture; and DepEd TV.
The network announced late last year that it will broadcast the games of the National Collegiate Athletic Association (NCAA) for Seasons 96 to 101, which will include the league’s centennial year in 2024.