Revenues at Viacom18, the media arm of Indian billionaire Mukesh Ambani‘s conglomerate Reliance Industries Limited (RIL), witnessed an uptick for the 2023-24 financial year.
Annual financial results posted on Monday revealed that the company’s gross revenue was $1.3 billion, up from $871.3 million the previous year. Operational revenue grew 49.4% year-on-year to reach $1.1 billion. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) was down to $3.9 million from $28.3 million the previous year. Viacom18 attributes this to its increased investments in sports, news and entertainment digital services that drove growth for the JioCinema, Moneycontrol and News18 platforms.
“Consolidated EBITDA of the group was impacted by
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