Globo reveals million-dollar profits and reaps results of artist layoffs

On the eve of its 59th birthday (it will be April 26), Grupo Globo can now start celebrating. On Thursday (28), the country's largest media company released its financial statement for last year.

It achieved a net profit of 838.7 million Brazilian riyals. A positive result considering the ups and downs of the Brazilian economy. The company's total revenue in 2023 reached R$15.1 billion.

There was an 11% reduction in costs, reflecting some drastic measures, such as firing the majority of actors who previously had long-term contracts. Globo has retained nearly two thousand artists on its permanent staff.

In December, the Marinho family group had R$14.2 billion in cash, nearly three times the value of net debt of R$5.1 billion. Financial obligations are under control. There were even advance payments of premiums.

According to the company, 63% of last year's revenue came from advertising (buying space during TV breaks and in-program promotions, for example) and 37% from content (subscription to paid channels and streaming platforms, among other contracted services).