Last year Latvian Radio increased the amount of investments and worked on the development of the employee motivation system, said Mārīte Tukiša, Member of the Board of Latvian Radio for Financial Management.
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“It could be said that the past year has been one of the most important development breakthrough years for Latvian Radio in general,” said Tukiša.
Tukiša noted that in 2020, Latvijas Radio created a number of new programs, strengthened its position in the field of podcasts, as well as developed informative, analytical programs and multimedia content. In her opinion, Latvijas Radio also presented itself as a serious player in investigative journalism.
Speaking about the brightest achievements of Latvijas Radio, Tukiša pointed out as one of the successes that Latvijas Radio was the market leader in the segment of Latvian broadcasters. The total market share of radio was 35.1% and the audience reached was 786,000 listeners per week or 41% of the Latvian population.
“The listener trusts us and the vast majority admit that they are satisfied with the content offered by Latvian Radio,” said Tukiša, adding that Covid-19 has influenced the consumption habits of media content. According to research companies “Kantar TNS“According to the data, almost all radio stations have experienced an audience decline.
On the other hand, the challenge was to adapt to the work during the changes in Covid-19, when this media also switched to work remotely.
Investment projects have also been a challenge. According to Tukiša, it is no secret that last year the demand in the technology and computer equipment market exceeded the supply, thus the deadlines for manufacturers to fulfill orders were significantly extended – everything was slower than expected. In total, last year the amount of investments in Latvijas Radio increased by 42% compared to 2019, and investments were directed to three main sectors: replacement of technological equipment (236,900 euros), conversion, modernization and reconstruction of recording studios (187,200 euros), and building repair and maintenance. works (EUR 271 500).
Thinking about future prospects, Tukiša said that in 2021 the focus will be similar to the previous year: creation of new content, filling the airtime freed up after leaving the advertising market (about 600 broadcast hours), successful implementation of investment projects. This year, it is planned to direct about 10% of the Latvian Radio budget to investments. It is also planned to continue working on the development of multimedia content and arrangement of internal processes.
Last year, Latvijas Radio had a turnover of 10.322 million euros, which is 6.7% more than a year earlier, but the profit compared to the previous year’s losses amounted to 50,679 euros. In 2019, Latvijas Radio had a turnover of 9.676 million euros and a loss of 182,794 euros.
Latvijas Radio was registered in June 1992 and its share capital is 1.855 million euros.
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