Trinidad-Based Media Houses Report Declining Revenue Amidst Market Challenges
One Caribbean Media reported a 15% decline in net profit before tax for the nine months ending September 30, 2024, totaling TT$18.6 million. Guardian Media Ltd also faced challenges, reporting a loss of TT$10.2 million during the same period. Both companies are adapting their business strategies in light of changing media consumption patterns and revenue challenges.
On November 8, 2024, One Caribbean Media (OCM), a prominent Trinidad-based media company, reported a decline in net profit before tax of TT$3.3 million, representing a 15 percent decrease for the nine months ending September 30, when compared to the previous year. The company’s profit before tax fell to TT$18.6 million from TT$21.9 million last year. While overall group revenue decreased six percent, from TT$236 million to TT$222 million, the chairman, Faarees Hosein, noted that local government elections in Trinidad positively impacted media performance. In contrast, Guardian Media Ltd (GML) has recorded a loss of TT$10.2 million during the same period, marking its third consecutive quarter of losses. GML’s chairman, Peter Clarke, stated that the company generated TT$24.3 million in revenue for the third quarter, which was a one percent decline from the prior year. Despite these losses, GML’s year-to-date revenue reached TT$72.02 million, slightly surpassing the previous year’s figures.
The report highlights challenges faced by Trinidad-based media houses, particularly One Caribbean Media and Guardian Media Ltd. Both companies are grappling with declining profits and revenue, which have been influenced by external factors such as local elections and operational difficulties in other regions. The performance metrics reflect broader trends in the media industry across the Caribbean, showcasing a significant shift as digital revenues grow while traditional media struggles to maintain profitability.
In summary, the financial outcomes for One Caribbean Media and Guardian Media Ltd demonstrate significant challenges within the Trinidadian media landscape. While OCM experienced a decline in profits, it noted some recovery in revenues linked to governmental events, whereas GML continued to face consecutive quarterly losses despite efforts to stabilize its financial standing. Both companies are focusing on evolving their strategies to enhance digital media revenue in an increasingly competitive environment.
Original Source: www.jamaicaobserver.com
