Thursday 4 June, 2020

RJR looks to score with World Cup after $42 million loss

Current world champions, Germany. Photo via Germany Football Team - Die Mannschaft, Facebook page.

Current world champions, Germany. Photo via Germany Football Team - Die Mannschaft, Facebook page.

The RJR Communications Group expects the World Cup to deliver increased revenues after posting a $42 million net loss for its full year ended March 2018 on declining revenues.

Television Jamaica (TVJ) part of the RJR group has the exclusive Free to Air and subscriber TV broadcast rights as well as online streaming and radio rights to the 2018 FIFA World Cup Football which starts next week.

“With new High Definition capability and improved free to air coverage resulting from major transmitter upgrades investments , the RJR promises to deliver our usual exceptional value to our audiences and advertisers alike,“ said the group.

The RJR group comprises a series of television, radio and newspaper companies making it the largest in the island. The net loss came with the company’s revenues declining by nearly $200 million or 3.5 per cent to $5.05 billion.

“The group recorded an after tax loss of $42 million for the year compared with an after tax profit of $145 million in the prior year,” said the group.

The group invested $380 million in procuring a High Definition television outside broadcast unit which it utilized ffor the ISSA Boys and Girls Championship. This investment allows TVJ to produce its own content in HD quality while enabling it to compete in the market for third party HD production services for major local events.  

The group defined the year as one that invovled retooling and refocus.  Also during the year the group acquired a stake in the ecommerce company Gustazos Jamaica which creates marketing campaigns for merchants to generate sales from subscribers.

 

 

 

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