Web18’s Revenues Up by 41%, TV18 Hopes for a Turnaround in Performance
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Web18, the internet arm of TV18, part of the Network18 group has seen a rise in its revenues, with a 41% rise. The revenues rose to Rs. 13.1 crores from Rs. 9.3 crores year-on-year. While, the operating losses reported were Rs. 5.6 crores compared to Rs. 2.3 crores last year in the same quarter.
TV18 on the other hand reported net loss of Rs. 5.28 crores, compared to Rs. 4.84 crores last year. However, the company’s income from operations rose from Rs. 68.15 crores last year to Rs. 92.99 crores this year. Similarly, the income from News operations rose from Rs. 57.92 crores compared to Rs. 75.33 crores and the profit rose from 12.39 crore to 12.66 crore. These figures were released through the investor update document.
Yet, the group CEO of TV18, Mr. Haresh Chawla, is confident about a turnaround in the performance of these entities.
He says:
Everybody sees the future of the internet business; we are seeing good advertising traction but we are spending much more on development and creating new properties so that we can attract new audiences in - that’s the story on Web18.
The company recently put its horizontal portal in.com into public beta, for which it apparently spent 2 crores just for the domain name. While it continues to take on Rediff and Sify in that space, they are yet to make an impact in that area. The company’s financial portal, MoneyControl too was revamped with a slick web 2.0 look. Along with the revamp, they are trying to promote in.com by integrating it into the design and content.
What do they have in store? It has been noted that the company is trying to stretch its arms wide, trying to grab hold of things into their cover, giving an indication that something big is coming from their stable. Are they planning to make In.com the central hub for all their portals? Could the other portals benefit from each other?
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