ABS-CBN Corp. is set to open two Hollywood-style studios in Bulacan province by the middle of 2017, a senior executive said Friday.
“The two sound stages, hopefully by middle of next year, are a very exciting development. The amount of savings and the efficiency, if you have a sound stage, is huge,” ABS-CBN Group chief financial officer Ron Valdueza said.
Valdueza said the company spent P2 billion for the two sound stages on a 15-hectare lot in San Jose del Monte City.
The network said it aimed to save about 65 percent to 75 percent in shooting location costs, with the construction of the modern sound stages.
About 80 percent of ABS-CBN’s production is remote and only 20 percent is shot in studio.
“If the turnout is really good, then we will fast track another two sound stages by next year. We can easily build 10 sound stages in Bulacan,” Valdueza said.
The Lopez-led media and entertainment company earlier reported a net profit of P2.1 billion in January to June, up 76 percent from P1.2 billion in the same period last year.
Consolidated revenues reached P20.9 billion in the first half, up 19 percent from P17.67 billion a year earlier.
Advertising revenues climbed 32 percent to P12.5 billion from P9.5 billion last year, while consumer sales rose 4 percent to P8.6 billion.
The company booked P2.3 billion worth of political ads as of end June.
ABS-CBN targets a profit guidance of between P3.2 billion and P3.5 billion this year.