AirNet Technology Inc (AirNet Technology) is a media company that provides in-flight solutions to connectivity, entertainment, digital multimedia services, and coverage of breaking news. The company sells advertisements on airline routes. Total digital revenue by air travel media network segment in FY2021 represented $9.2 million.
Revenues from air travel media networks decreased by 60.8% from $23.5 million in 2020 to $9.2 million in 2021. The decline in revenue from the air travel media network segment was mostly caused by reduced flights, as well as a decline in the demand and sales of its services of airline advertising and TV programming amid the ongoing effects of the COVID-19 outbreak.
The majority of its air travel media network's operating revenues are generated from advertising and programming on digital TV screens on airplanes. In FY2021, the company will continue to effectively invest in strategic initiatives, focusing in particular on expanding its digital infrastructure and enhancing its core competency in providing in-flight connection, entertainment, and digital multimedia solutions.
Total digital revenue by air travel media network segment in FY2020 represented $23.5 million a decline of 9.6% from the previous year (FY2019). A decrease in air passengers in China led to lower advertiser spending on its air travel media network. The company developed its primary competency in offering in-flight connection, entertainment, and digital multimedia solutions as it gradually reinvented itself in the air travel media network segment.
Revenues from air travel media networks accounted for 99% of its total revenues for the years ended December 31, 2021. The company is focusing its efforts on implementing its technology innovation as well as attempts to develop, update, and integrate its products with partners and customers. In the view to strengthen the company over the long term and concentrate on accelerating the growth of its digital portfolio.
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