Georgia’s six major broadcasting companies have reported a collective loss of GEL 145 million in 2023, marking a 73% increase per financial report. The primary reason behind the loss can be attributed to the 16% year-on-year decline in advertising revenue.
Detailed breakdown:
- Imedi TV: GEL 53.2M loss, revenue of GEL 32.2M, with expenses larger than income, including GEL 34M in salaries and GEL 22M in financial costs. Overall losses total GEL 388M.
- Rustavi 2: GEL 31M loss, revenue of GEL 14.3M, payroll costs of 26.2M, with total liabilities of GEL 80.6M.
- Formula TV: GEL 42.1M loss, revenue of GEL 4.8M, marking a 98% increase in losses.
- Other Stations: TV Pirveli, Mtavari, and PosTV also reported considerable losses due to declining advertising revenue.
