In spite of 53 consecutive months as Chilean TV's most watched broadcast network, Mega closed the third quarter of the year on the red, largely in part because of a strong investment in content.
When it comes to audiences, Mega remains undefeated. In fact, the Chilean network completed in November 53 consecutive months as the most watched network on Chile's broadcast TV ecosystem.
However, Bethia Group's network is no stranger to the general crisis facing the national television industry, which is mostly driven by a sharp reduction in advertising investment.
Thus, according to data published by Diario Financiero, Mega closed the third quarter with million-dollar loses.
From July to September, the network registered loses of US$ 1.47 million - at today's exchange rate - , a worrying number compared to last year's results, where it closed the quarter with US$ 3.5 million in profits.
This is the first negative balance since the first quarter of 2017, when it reported losses for less than half of today's amount.
According to sources from Mega quoted by the aforementioned newspaper, the numbers registered for this quarter are a direct consequence of the growing investment in quality programming.
In this sense, the network highlights premium series like Martín, el hombre y la leyenda y La cacería: las niñas de Alto Hospicio, reality show The Switch 2, investigation show Misión encubierta and original teleseries Hidden Truths, Isla paraíso and Casa de muñecos.
According to Mega, the shows "mean an investment and associated costs" that they prefer to assume "in pursuit of an offer that would be a real contribution for Chileans".
Thus, while costs increased by 18% during the third quarter of the year to reach US$ 31.3 million, revenues stayed at US$ 36.2 million, which is practically the same as the previous quarter.
However, the number is 94.4% lower than the accumulated data for last year's same quarter, which closed with profits of US$ 4.2 million.
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