Hong Kong broadcaster TVB slashes net losses by 65% year on year to HK$143 million
- Rebound in advertising revenue drives robust growth of broadcasting business in first half of year, with company’s operating costs also lowered
Hong Kong’s biggest free-to-air broadcaster slashed its net losses by 65 per cent year on year to HK$143 million (US$18.3 million) in the first half of 2024 due to robust growth in business driven by a rebound in advertising income.
The firm’s chairman, Thomas Hui To, remained upbeat on this year’s outlook, saying he envisaged continued growth in its Hong Kong television broadcasting and mainland operations.
“We’ve seen growth in TV broadcasting driven by advertising and mainland operations. There has been commitment by our clients to place ads in these two areas so I think there will be continued momentum for both operations,” he said.
Hui also said the company would continue to expand its mainland Chinese operations, such as in Guangzhou, and in Macau, adding it aimed to turn the Greater Bay Area into its home market.
The bay area is Beijing’s plan to link nine cities in Guangdong province, Hong Kong and Macau into an economic powerhouse.
“We intend to turn our GBA viewers into TVB audiences while the GBA will become our core market,” he said.
