TelevisaUnivision cut its losses as revenues rose and red ink from streaming shrunk in the first quarter.
The company turned in a $3 million loss in Q1, compared to a loss of $36 million a year ago. Operating income before depreciation and amortization was $361 million, down 10%, as expenses rose 17%.
Revenues were $1.07 billion, up 6% on a pro forma basis.
In the U.S. revenue rose 4% to $739.1 million. Advertising revenue rose 2% to $398.4 million, bucking an ad market that was down overall in the quarter.
Subscription and licensing revenue were up 5% to $326.1 million,
The company said that engagement is up on its ViX streaming platform, with total viewing hours per user over the course of the quarter growing 26%. That contributed to streaming losses being lower than they were in the fourth quarter.
“I’m very happy with the start of 2023 from both an operational and financial perspective. We grew revenue across all lines of business and all geographies,” CEO Wade Davis said.
“In the U.S., ad sales continue to outpace the market, reflecting growing advertiser appreciation of the power and value of our audience as they shift share away from over-spent general market,” Davis said. “Having just closed a record upfront in Mexico, we are excited to carry our momentum into the coming U.S. upfront. ViX continues to be an engine of growth and I am very pleased with the significant increases in engagement and consumption on the platform as well as the continued narrowing of losses as we progress towards profitability.”
