Cignal TV sets P100M annual capex ramping up content production
Cignal TV Inc. is allocating P200 million over the next two years to ramp up the production of its own content as part of the effort to grow its business.
At a news briefing in Makati City on Monday, Cignal TV vice president Vitto Angelo Lazatin said the total amount is spread over 2020 and 2021.
“We wanted to start producing our content after years of bearing other people’s programs,” he said.
Cignal TV, through Cignal Entertainment, recently inked a partnership with Netflix Inc., which involves the latter’s acquisition of international rights to stream Ang Babaeng Allergic sa WiFi beginning 21 August.
The movie will be streamed globally except in countries such as India, China, Taiwan, Japan and India.
Ang Babaeng Allergic sa WiFi is an original movie produced by Cignal TV in cooperation with October Train Films and The IdeaFirst Company. It is also the company’s first original content to be streamed on Netflix.
Lazatin said China and India are set to reproduce the movie.
“We hope that this (partnership) is just the start of many,” Lazatin said, referring to originally-produced movies to be streamed on Netflix.
He added that Cignal TV has discussed the possibility of pitching its past and future contents to be streamed on US-based media-services providers.
“We believe that content is king and distribution is queen. As such, we are committed to improving and scaling up our original content lineup and are determined to distribute these to all relevant platforms,” Cignal TV president and chief executive officer Jane Jimenez Basas said.
Cignal TV has 2.1 million subscribers at present. It expects the number to grow with originally-produced movies and series.