Globo profits dip despite World Cup
DetailsJuan Fernandez Gonzalez | 25 March 2015
Brazil's Grupo Globo, one of the largest content producers and broadcasters in Latin America, has seen a 6% fall in profits in 2014 compared with 2013, down from nearly $800 million to $752 million, despite the income gained from the World Cup.
According to figures reported by TelaViva, the results have been affected by a poor fourth quarter due to the slowdown of Brazilian financials.
During 2014, the audiovisual group invoiced over $5 billion across all businesses, 11% more than the previous year, when the company's income was $4.65 billion.
The growth rate is similar when looking just at the subsidiaries which are exclusively controlled by Globo, and grossed a total of $3.8 billion.
Regarding sales of audiovisual rights and advertising, the company also experienced growth, invoicing $2.3 billion, 13.8% more than a year before. This area was positively affected by sales of the World Cup rights, which generated a great deal of income for Globo. From seeing nearly $100 million in losses in 2013 in its sports rights management activities, the group reported a $66 million profit in 2014.