PLDT Inc.-backed Cignal TV sees bright prospects in original content as it sets aside about P100 million a year to produce new shows and movies after one of its films was picked up by American streaming giant Netflix.
Vitto Angelo Lazatin, Cignal TV vice president and head of content, acquisition and strategy, told reporters they hoped to sustain this pace over the next two years. This will help the satellite TV company diversify revenues, most of which come from subscription fees from its about 2.1 million subscribers.
“We knew we had to put ourselves in a position where we started to own some of our content,” Lazatin said.
Through Cignal Entertainment, which was established in 2017, the company has produced five moves and 10 TV shows, Lazatin said.
On Monday, the company announced that Netflix had acquired the international rights to stream Ang Babaeng Allergic sa WiFi, produced by Cignal Entertainment with October Train Films and The IdeaFirst Co.
Netflix will stream the movie starting Aug. 21 in all territories, except China, Taiwan, Japan and India.
Lazatin said Cignal had sealed separate content deals in those countries.
For example, he said a Chinese firm wanted to produce its version of Ang Babaeng Allergic sa Wifi, a romantic comedy about a woman with a medical condition that prevented her from being near electronic devices.
The deal with Netflix will give the firm licensing revenues and boost its profile overseas.