2015 was even redder than 2014 VG TV initiative, according to Dagens Næringsliv.
Although revenue was up 12 percent, from 61.8 to 69.3 million kroner, rose expenses by 16 percent , from 132.8 to 154.1 million kroner.
the operating result was minus 84.8 million, while the profit before tax was NOK 86.9 million respectively.
VGTV was established in December 2007, and in 2014 was web TV channel spun off as a separate subsidiary of VG. In November the same year was VGTV also a traditional linear TV channel. But so far it has cost more than it tasted.
– We must adjust our cost base, but it is still the case that we think revenues will come increasingly to the web TV. I think the market is growing, but right now it’s maybe the two major who takes most of the growth, says VG’s chief editor Torry Pedersen, referring to Facebook and Google-owned YouTube, which are the biggest players in the motion pictures digitally.
the red numbers also makes VGTV had to ask to borrow more money from the group.
“the company in the first quarter 2015 expanded its credit facility with the Group’s cash pooling system to ensure sufficient liquidity” writes VGTV in its annual report. (© NTB)
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