One Caribbean Media reported a 15% decline in net profit before tax for Q3 2024, amounting to TT$18.6 million, impacting total revenue, which fell to TT$222 million. Guardian Media Ltd similarly suffered losses amounting to TT$10.2 million for the same period. Both companies are implementing strategies to improve digital revenue and control costs amid ongoing industry challenges.
On November 8, 2024, One Caribbean Media (OCM), based in Trinidad, announced a 15 percent decrease in net profit before tax for the nine-month period ending September 30, reporting TT$18.6 million, down from TT$21.9 million during the previous year. The company’s revenue also saw a decline of six percent, totaling TT$222 million. OCM Chairman Faarees Hosein stated that the Trinidad media sector benefited from local government elections, while challenges in Barbados affected their renewable energy business. Positive growth was reported in digital media initiatives, with a focus on innovative strategies to boost revenue. Meanwhile, Guardian Media Ltd (GML) also reported losses, generating TT$24.3 million for the third quarter and losing TT$10.2 million over the nine months, although expenses were reduced by 12 percent compared to last year. GML Chairman Peter Clarke emphasized the significance of their multimedia efforts and cost-saving strategies to improve financial outcomes, citing an overall year-to-date revenue of TT$72.02 million. Shareholders of OCM will receive a dividend of TT$0.06, a decrease from TT$0.10 the previous year, indicating a cautious approach in light of reduced profitability. Both media companies illustrate the broader challenges facing the regional media landscape and the ongoing efforts to adapt to market demands and maintain stability within their financial frameworks.
The media industry in Trinidad has been undergoing significant challenges, particularly as revenue from traditional advertising continues to decline. Economic factors, competition from digital platforms, and shifts in consumer behavior have pressured media organizations to search for innovative revenue streams. One Caribbean Media, as a major player, has reported fluctuating financial performances, reflecting these industry-wide trends, while Guardian Media Ltd has struggled consecutively with losses. These developments underscore the importance of strategic planning for media outlets in the Caribbean to remain financially viable.
In conclusion, the financial reports from One Caribbean Media and Guardian Media Ltd underscore the ongoing difficulties faced by media houses in Trinidad. Both companies witness declines in profits and revenue, prompting them to explore new strategies to enhance digital offerings and manage costs effectively. Shareholder dividends have also reflected these challenges, illustrating the need for media firms to innovate and adapt to changing market conditions in order to remain sustainable in a competitive landscape.
Original Source: www.jamaicaobserver.com
