TV network ATN blames Internet piracy, illegal media, for revenue losses

[Len]

Asian Television Network (ATN) reported a net loss of $256,024 on revenues of $4.21 million for the first quarter ended March 31, 2018.

Operating revenue fell 19% year-over-year, essentially due to declining subscription revenue, while the 11% increase in net loss is due mainly to the drop in revenues and operational cost remaining relatively the same.

“The most significant variances in the consolidated results between the three months period ended March 31, 2018 and March 31, 2017 is a 19% decline in operating revenue and a 11% increase in net loss for the period”, ATN said in its filings. “The Company continues to experience declining revenues from consumers shifting towards Internet piracy and legal and illegal digital and on-line media, such as over-the top (OTT) services.”

EBITDA for the quarter plunged 592%, from $19,823 in the same period last year to a loss of $97,520.

Broken down by segment, ATN's subscription revenues for the period dropped 21% to $3.09 million; advertising revenue fell 9% to $1.02 million; and programming revenue declined 37% to $82,276.

ATN serves Canada’s diverse cultural communities with over 50 premium specialty television channels.