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. As a percentage of overall revenue, digital revenue in FY2021 represented 77.9%.
The majority of its air travel media network's operating revenues are generated from advertising and programming on digital TV screens on airplanes. The company intends digital TV screens on airplanes to contribute substantially to all of its air travel network revenue and a majority of all its revenue in the foreseeable future. As a result, the firm will continue to make sound investments in strategic initiatives in FY2021, concentrating particularly on the development of its digital infrastructure and strengthening its core competency in the offering of in-flight connection, entertainment, and digital multimedia solutions.
Revenues from air travel media networks decreased from $23.5 million in 2020 to $9.2 million in 2021. Among its revenues from air travel media networks, revenues from digital TV screens on airplanes were $21.6 million and $7.5 million in 2020 and 2021, respectively. The decline in revenue from digital TV screens on airplanes 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 persistent impact of the outbreak of COVID-19.
Digital revenue as a percentage of overall revenue grew marginally from 99% in FY2019 to 99.7% in FY2020. The company's investment in 2021 continued to be concentrated on the fast-growing digital advertising media, which continues to most efficiently target the right consumers at the right time.
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