Manila, Philippines – Media company ABS-CBN has announced the retrenchment of 100 of its employees, accounting for the company’s 3% of its workforce.
The company has confirmed said news to MARKETECH APAC when reached out, citing the global decline in pay TV business, as well as the TV industry being hurt by lower consumer spending translating into lower advertising spends.
“We are committed to providing those affected with full benefits and support, and are deeply grateful for their many years of service to the company and to the public,” ABS-CBN said in a press statement.
Nonetheless, ABS-CBN has highlighted how its TV ratings continue to improve, as well as its film studio Star Cinema producing two box office-hitting titles ‘Unhappy for You’ and ‘Rewind’.
It has also highlighted that its music business has gotten a strong boost from the popularity of girl band BINI–which has been notable lately for their brand collaborations with local brands like Jollibee, Modess, Surf, Sunsilk, amongst others.
ABS-CBN has struggled to maintain its revenue since its franchise on free TV and radio has been revoked by the National Telecommunications Commission (NTC) under the administration of President Rodrigo Duterte. Following that, the network has laid off more than 4,000 employees as it affected multiple verticals of the media company.
In 2023, its radio channel TeleRadyo also ceased operations, with its 630 kHz frequency taken over by a new ‘TeleRadyo Serbisyo’ done in partnership with ABS-CBN and Prime Media Holdings.
The media industry in the Philippines has been experiencing difficulties as well, which resulted in shutdowns like of CNN Philippines in January this year.
