TV5 Network Inc. on Tuesday said it is cashing in on its new revenue streams to hit break even by next year.
“In terms of the objective, I think we’re on track. We are very encouraged with the response, the kind of advertising money that we’re able to generate so far has been able to hit our target, achieve our targets. We’re hitting our targets with the current properties, so now we have constantly come up with new properties to get a bigger slice of the pie,” TV5 president and chief executive Vincent Reyes told reporters during the launching of ESPN5 Live Boxing Event.
“In our first quarter, we hit our targets for airtime revenue and majority of the financial targets that we’ve set for ourselves have been achieved. Its just the first quarter. Its a very encouraging start,” he added.
Reyes said the network planned to cut its net loss by 50 percent this year compared with last year.