TV5 Network Inc. plans a reorganization and overhaul of its programming strategy in a bid to achieve profitability by 2019, incoming TV5 president Vincent Reyes said.
“We are not only pivoting or transitioning in terms of programming, but also the strategy of the organization even the structure, everything is being done,” Reyes said.
“Basically, we are no longer going to do the telenovela, we are not going to do dramas. It’s really a concentrated effort to speak to a new audience. The ratings and the audience share might as not as big as traditional housewives–40 and above market, but hopefully we can deliver to our clients an audience,” he added.
Reyes said the network had terminated its partnership with Viva Communications, which handles the network’s entertainment programs.
“We’ve already terminated that partnership, so we are now retooling and building our capacity to produce our own shows on TV5. Hopefully, by first quarter of 2017, (we’ll be) back with our own produced shows,” he said.
“While we are doing that, we are taking advantage of the strong US titles.”
Reyes said the network would avoid expensive talents and focus more on getting younger artists.
“We really want to be known as the home of the younger [talents], perhaps not so [famous]. If you don’t have the resources to hire the best, hire the young with opportunity to be the best,” he said.
Reyes said he was hopeful the strategies would help the network achieve its goal to post breakeven by 2019.
“Hopefully we ca achieve the goal of our chairman to post a profit by 2019,” he said.
TV5 chairman Manuel Pangilinan had said the company was targeting to break even in 2019, two years behind its original target of 2017.
Pangilinan also said TV5’s Media Center in Manduluyong was likely to be completed by November this year, after five years of construction.
TV5’s Media Center is a 63,000 square-meter area, comprising of one nine-story corporate building and two eight-story structures of office spaces, TV production and post-production centers, radio booths and other cutting-edge broadcast facilities.
MediaQuest Holdings Inc. bought TV5 in 2009 from the Cojuangco family for P4 billion, and acquired MPB Primedia of Malaysia, a TV5 major block-timer, for $16 million.
MediaQuest’s investments in TV5 was in line with its strategy of developing media, content and production resources to complement its other media assets and platforms such as Cignal, a direct-to-home satellite service launched in 2010.
Media Quest is owned by the Beneficial Trust Fund of Philippine Long Distance Telephone Co., which has interests in Nation Broadcasting Corp., Philippine Star, Philippine Daily Inquirer, Business World and Unitel Group.