TORONTO — Asian Television Network International Limited (ATN) announced Tuesday its operating revenue declined 23% in the second quarter of 2020 compared to the same quarter last year, partly due to a decrease in advertising caused by the economic downturn resulting from the Covid-19 pandemic.
For the three months ended June 30, 2020, ATN’s operating revenue was $2.2 million, down from $2.9 million in the same period of 2019. The independent ethnic broadcaster’s advertising revenue decreased by 54% and subscription revenues declined 12% in the quarter, compared to last year.
“The decline of advertising revenues further accelerated primarily due to several temporary closures for businesses impacted by Covid-19 although a steady decline is noticeable from before as well due to declining number of subscribers who continue to migrate to illegal IPTV set-top boxes,” reads the ATN news release announcing its Q2 2020 results.
ATN reported a positive EBITDA (earnings before interest, taxes, depreciation and amortization) of $161,704 for the second quarter of 2020, compared to a negative EBITDA of -$567,696 for the same period of 2019.
The company’s total operating expenses were $2.5 million in Q2 2020, down from $4 million in Q2 2019. ATN reported a net loss of $306,806 in the quarter, an improvement over the net loss of $941,961 it reported in the second quarter of 2019.
ATN is a Canadian media company serving the country’s diverse cultural communities with more than 50 specialty TV channels.
