One Caribbean Media (OCM) reported a 15% decline in net profit for the nine months ending September 30, 2024, alongside a 6% decrease in revenue. Guardian Media Ltd (GML) also posted a loss of TT$10.2 million for the same period. OCM’s chairman noted growth in digital revenues, while GML is focused on cost-saving measures to improve financial performance.
On November 8, 2024, One Caribbean Media (OCM), a prominent Trinidad-based media conglomerate, reported a 15% decrease in net profit before tax for the nine months ending September 30, amounting to TT$18.6 million compared to TT$21.9 million in the same period last year. Revenue also fell by 6%, from TT$236 million to TT$222 million. Despite challenges, OCM experienced growth in digital revenues and maintained profitability in its Trinidad media segment due to local elections held in August 2023. Simultaneously, Guardian Media Ltd (GML) recorded a loss of TT$10.2 million for the same period, continuing a trend of losses for the third consecutive quarter. GML’s chairman, Peter Clarke, mentioned a slight improvement in year-to-date revenues, which reached TT$72.02 million, slightly surpassing last year’s figures. Cost-saving measures, including a 12% reduction in expenses, were credited for mitigating losses, as GML continues to adapt and strive towards profitability.
The media industry in Trinidad is currently facing significant challenges, reflected in the recent financial reports of key players such as One Caribbean Media (OCM) and Guardian Media Ltd (GML). The competitive landscape, combined with external factors such as economic conditions, impacts revenue generation and profitability. The decline in traditional media revenue is countered somewhat by growth in digital platforms. Understanding these dynamics is crucial for evaluating the implications for stakeholders and the broader media environment in the Caribbean.
In conclusion, the financial reports of One Caribbean Media and Guardian Media Ltd underscore the ongoing difficulties within the media sector in Trinidad. While OCM is navigating its decline by focusing on digital growth, GML is working to recover from consecutive quarterly losses through cost-saving initiatives. The future of these media companies will hinge on their ability to adapt to evolving market conditions and invest strategically in sustainable revenue streams.
Original Source: www.jamaicaobserver.com
