Virgin Media Television narrows losses in 2022 after costs fall

Virgin Media Television Limited narrowed its after-tax loss to €6.1 million last year, accounts filed at the Companies Registration Office show. The net loss compares to a figure of almost €7.1 million the year before.

The company, which counts the operation of the channel Virgin Media One as its principal activity, saw its revenues decline 9 per cent to €55.3 million in 2022 as its advertising income softened. Other companies within the broadcasting group saw revenues increase, however.

The broadcaster, which is owned by broadband, pay TV and mobile company Virgin Media Ireland, saw its operating loss fall 34.2 per cent to €4.66 million, which the directors said was primarily due to lower administrative expenses and distribution costs.

Revenues fell from €60.9 million in 2021 partly due a drop in spot advertising booked through advertising agencies. The €55.3 million turnover recorded last year includes €1.18 million in respect of barter transactions for airtime and other promotional activities, the company said.

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Virgin Media Television, which is also the company behind the Virgin Media Player, employed an average of 284 people in 2022, up from 271 the previous year, its accounts show.

Virgin Media One, formerly known as TV3, is the second most-watched television channel among Irish households after RTÉ One. It celebrates its 25th anniversary next week.

Separate accounts for Channel 6 Broadcasting, the company behind Virgin Media Two, another channel in the group, show its revenue rose 30.4 per cent to €14.7 million, as it recorded an increase in spot advertising. Operating profit was up 46.2 per cent to €8.5 million.

Cullen Broadcasting, the company behind Virgin Media Three, saw a 34 per cent increase in revenue to €3.8 million, while its operating loss narrowed 35 per cent to €2.4 million.

The Ballymount-based group now also runs Virgin Media Four as well as Virgin Media More, with the latter channel – used for drama premieres and sport – only available to subscribers to Virgin’s cable television packages.

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The company’s ultimate parent is the John Malone-controlled cable giant Liberty Global, which bought the former TV3 Group in 2015 and rebranded TV3 as Virgin Media One three years later.

Virgin Media Television’s most-watched programme last year was the Ireland v France game in the Six Nations. Some 13 of the 20 most-viewed programmes across the group in 2022 were live sporting events.

Its most popular non-sporting programme was the first episode in the 2022 run of I’m a Celebrity ... Get Me Out of Here!, the ITV import that returned to its Australian home last year, while Love Island, which airs on Virgin Media Two, was its most streamed title with more than 14 million views.