Broadcast giant GMA Network Inc. is mapping out a three-year expansion program that will include a new building in Quezon City and the acquisition of equipment for its digital television rollout.
The company said in a statement on Wednesday this would be backed by an investment budget of P20 billion until 2023 or more than P6 billion yearly.
In its statement, GMA announced plans to start the construction of a new building and state-of-the-art studio inside the GMA Network complex.
At the same time, it will continue to invest in its digital terrestrial television business to strengthen its natiowide presence. This will include the upcoming launch of GMA Now, a device that allows viewers to watch digital TV programs on their mobile phones.
GMA pointed to its strong business performance last year despite the impact of the COVID-19 pandemic.
From January to September 2020, GMA posted a profit of P3.9 billion. This was an unusual 79 jump over the previous year’s election-fueled results.
The company said the closure of rival ABS-CBN due to the expiration of its broadcast franchise had contributed to the increase in GMA’s advertising revenue.
At the same time, GMA significantly slashed spending while generating sales from the launch of its digital TV receiver dubbed Affordabox last June.
“Surpassing seven decades is no easy feat for our company especially during an exceptionally challenging year in 2020,” said GMA Network chair and CEO Felipe Gozon, referring to the company’s 70th anniversary celebration last year.