Spanish-language giant TelevisaUnivision said it narrowed its fourth quarter loss from the year-earlier period as increases in ad revenue in Mexico helped buoy the company despite a downturn in the same category in the U.S. and its continued investment in streaming.
The company, which operates the Univision broadcast network in the U.S., said revenue in the quarter was off 7%, as gains in advertising were offset be declines in revenues from subscription and licensing. Revenue came to nearly $1.36 billion in the quarter, compared with nearly $1.46 billion in the year-earlier quarter.
The company’s net loss narrowed to $918.8 million from nearly $1.57 billion.
TelevisaUnivision said its streaming outlet, ViX, ended the year with more than 7 million subscribers, and indicated its streaming business had generated more than $700 million in revenue in 2023. A new distribution agreement with the large cable operator Charter will include an ad-supported version of ViX and Charter will distribute the company’s linear channels as part of a new streaming package that includes Spanish content.
The company’s CEO said the value of Spanish-speaking consumers would propel performance in 2024. “The U.S. is already the most valuable Spanish speaking market in the world by GDP and this year Mexico surpassed Spain as the second largest market, with these two markets alone representing $4.7 trillion of GDP,” said TelevisaUnivision CEO Wade Davis, in a statement. “This is the backdrop for an even stronger 2024 in which we are poised to capture a massive U.S. political opportunity and have sustained DTC profitability on the horizon.”
