ABS-CBN Corp. on Wednesday inaugurated two sound stages in San Jose del Monte City, Bulacan, which the multimedia giant says will help reduce production costs of its television shows and movies.
In a statement, ABS-CBN said the new production hub will enable them to produce content at par with international quality standards without having to shoot in remote locations.
The Lopez-led company saw its production costs grow 8% in the nine-month period to P9.56 billion, which contributed to a 5% increase in its direct costs and expenses to P28.190 billion.
ABS-CBN said last year the sound stages are expected to reduce production expenses by 10% to 15%.
Aside from projected savings, ABS-CBN President and Chief Executive Officer Carlo L. Katigbak said the new facility will help the company expand its audience as it brings its content to the international stage.
“The sound stages represent the beginning of a plan to establish a production hub that include sound stages, backlots, production and post production facilities and offices that will allow both ABS-CBN and Philippine-based productions to match production facilities found elsewhere in the world,” the statement said.
ABS-CBN has a 7.7-hectare land in Bulacan intended to house its new production facilities. The two sound stages that were inaugurated are 1,500-square meter in size with a breezeway, dressing rooms and support rooms for technical facility.
The listed media firm saw its net attributable income fall 32% to P1.627 billion in the first three quarters, affected by its flat consolidated revenue at P29.49 billion and a 5% growth in expenses. — Denise A. Valdez