Published on 22 Apr 2024 on Variety via Yahoo Finance
India’s Viacom18 Revenues Soar to $1.3 Billion Led by Sports and Digital Businesses
Revenues at Viacom18, the media arm of Indian billionaire Mukesh Ambani’s conglomerate Reliance Industries Limited (RIL), witnessed an uptick for the 2023-24 financial year.
Annual financial results posted on Monday revealed that the company’s gross revenue was $1.3 billion, up from $871 million the previous year. Operational revenue grew 49% year-on-year to reach $1.1 billion. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) was down to $3.9 million from $28.3 million the previous year. Viacom18 attributes this to its increased investments in sports, news and entertainment digital services that drove growth for the JioCinema, Moneycontrol and News18 platforms.