Major media companies in the Philippines are expected to navigate a more challenging business environment this year as advertising revenues cool down following the election-driven surge in 2025 and as advertisers continue shifting budgets to digital platforms.
In an article released by BusinessWorld, analysts noted that the post-election period typically brings weaker advertising demand, with companies becoming more cautious amid softer economic growth expectations.
Legacy media firms, in particular, remain under pressure as traditional television and print platforms steadily lose ground to digital channels.
“It will be a challenging year coming off the 2025 election cycle, when political spending boosted their earnings,” First Grade Finance, Inc. Managing Director Astro del Castillo said.
He added that legacy media revenues remain under pressure as advertisers continue shifting budgets to digital platforms.
China Bank Capital Corp. Managing Director Juan Paolo Colet echoed the outlook, saying earnings of listed media companies are likely to decline as revenues normalize after the election year. He also pointed to the possibility of scaled-back ad spending due to a more cautious economic backdrop.
The impact of fading political advertising was already evident in the third quarter of 2025.
Both GMA Network, Inc. and ABS-CBN Corporation reported weaker quarterly results, despite showing resilience over the longer term.
For the three months ending September 2025, GMA Network’s gross revenue fell 17.23% to ₱3.89 billion, partly due to higher operating expenses. Still, the network posted stronger nine-month results, with net income rising 46.81% to ₱2.07 billion and revenues climbing to ₱13.99 billion, largely driven by advertising and consumer sales.
ABS-CBN, meanwhile, widened its net loss to ₱1.28 billion in the third quarter, although it narrowed its losses to ₱2 billion for the first nine months as expenses declined faster than revenues.
Colet noted that investor attention may increasingly focus on ABS-CBN following its licensing agreement with Villar-led Advanced Media Broadcasting System, which allowed the Kapamilya Channel to return to free-to-air television via ALLTV2 starting January 2.
“The market may take a closer look at ABS-CBN to see whether its free-to-air Channel 2 deal with ALLTV will help improve cash flows and narrow losses,” Colet said.
At the stock market, GMA Network shares rose 0.88% to ₱5.75, while ABS-CBN shares slipped 0.48% to close at ₱4.19.
As competition intensifies and digital platforms continue to dominate ad spending, analysts say Philippine media companies will need to adapt quickly to sustain revenues and investor confidence.