Billionaire cut and high profit at Globo led money man to boss of Globoplay

Manuel Belmar took over Globoplay in February – Photo: Montagem/NaTelinha

The 2023 balance sheet, released by Globo last Wednesday (27), shows that the group made a profit of R$838.7 million in the previous year, after cutting around 10% of its expenses, which explains why by which Manuel Belmar, director of finance, infrastructure and legal, took control of Globoplay with the mission of making the platform profitable. In February, Belmar began leading Globo’s digital products and paid channels. The cut in the Marinho family’s media group was R$1.3 billion and was fundamental due to the profit presented in the balance sheet.

Sources consulted by NaTelinha reported that the discreet and strategic way in which Manuel Belmar operates behind the scenes and the recent favorable financial results have consolidated his position as a man of trust among the media company’s senior management. Many were impressed by the significant amount that was saved without harming the performance of Globo’s various projects.

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And for this reason, a month before the 2023 balance sheet was released, he also took control of Globoplay, which is currently in loss. Currently, only projects that were already signed for production are being carried out. According to sources, the order was to put the brakes on, before authorizing new products, until we know exactly which paths streaming should follow in search of operational cash balance, the break even point.

Internally, Manuel Belmar’s management is perceived as the most influential among Grupo Globo executives who do not belong to the Marinho family.

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“Belmar will follow its commitments to increasingly seek the growth of Globo’s digital products, manage the portfolio of the Digital Products and Paid Channels area, ensuring balance between business models, and explore different segments, in accordance with the evolution of consumer habits, maintaining the focus on increasingly relevant results that meet the needs of the Brazilian public, today and in the future”, said Paulo Marinho, CEO of Globo, in an excerpt from the internal statement about the appointment of Manuel Belmar to replace Erick Bretas at Globoplay.

Cuts on Globo

To get an idea of ​​the volume of reductions, GCP, covering open and closed TV, Globoplay, globo.com, G1, GE, Gshow, Editora Globo (responsible for editing Valor), Globo Ventures, Sistema Globo de Rádio and Fundação Roberto Marinho, has 13 thousand employees. In the 90s, according to the Getúlio Vargas Foundation, open TV alone had 15 thousand employees.

These numbers demonstrate that Globo currently carries out many more activities with less staff than it had in the early 1990s. The volume of cuts and the impact of new technologies become evident.

According to the NaTelinha anticipated, Globoplay’s losses resulted in the departure of executive Erick Brêtas in February. According to sources, he promised that the platform would balance operating costs and expenses with revenue by 2024. However, recent studies suggest that this goal will not be achievable. Subsequently, the desired financial balance was postponed until 2026. This situation caused internal uncertainties regarding its management and intensified the pressure.

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