The new president of TV5 Network Inc. said on Tuesday the broadcasting network will focus on creating more digital content to develop new revenue streams.
“We want to be more known as content company rather than just a TV network. We want to focus on content. It’s really a content strategy,” incoming TV5 president Vincent Reyes told reporters.
Reyes said offering digital content was important in the overall plans of the network because “digital is going to play a very, very big role in our strategy moving forward.”
He added TV5 would counter the programming strength of rivals ABS-CBN Corp. and GMA Network Inc.
“We want to speak to a different audience, we want to produce different content and at the heart of that is digital,” Reyes said.
Reyes, who will replace Noel Lorenzana effective October 1, said the company was targeting P100 million in revenues for its online channel called D5Studio, formerly Digital5.
“Realistically, we don’t think we are going to reach it, but we are not going to be too far of. We will end the year maybe P75 million to P80 million,” he said.
Digital5 last year earned about P30 million.
TV5 chairman Manuel Pangilinan had said the company was targeting to break even in 2019, two years behind its original target of 2017.
“That’s being pushed back. About a year or two,”Pangilinan earlier said.
Pangilinan also said TV5’s Media Center in Manduluyong was likely to be completed by November this year, after five years of construction.
TV5’s Media Center is a 63,000 square-meter area, comprising of one nine-story corporate building and two eight-story structures of office spaces, TV production and post-production centers, radio booths and other cutting-edge broadcast facilities.
MediaQuest Holdings Inc. bought TV5 in 2009 from the Cojuangco family for P4 billion, and acquired MPB Primedia of Malaysia, a TV5 major block-timer, for $16 million.
MediaQuest’s investments in TV5 was in line with its strategy of developing media, content and production resources to complement its other media assets and platforms such as Cignal, a direct-to-home satellite service launched in 2010.
Media Quest is owned by the Beneficial Trust Fund of Philippine Long Distance Telephone Co., which has interests in Nation Broadcasting Corp., Philippine Star, Philippine Daily Inquirer, Business World and Unitel Group.