Television Broadcasts Limited (TVB), which celebrated its 50th anniversary in 2017, reported full-year profit fell by 51% to HK$244 million compared with HK$500 million in 2016. The local broadcaster’s advertising income in 2017 levelled closely with 2016 at HK$2,459 million (2016: HK$2,458 million), showing a very marginal increase of 0.1%.
2017 was one of the toughest years in the past decade of the company, said chairman Charles Chan in a statement. He said TVB businesses were challenged on many fronts, including a lacklustre advertising market in Hong Kong and the global digital revolution that has caused significant disruption to many conventional business models.
Advertising revenue from Hong Kong terrestrial TV broadcasting is the company’s largest revenue contributor. As local retail sales slightly improved, income from advertisers under Hong Kong TV broadcasting during 2017 was HK$2,459 million.
Between 2014 and 2016, its advertising revenue reported an accumulated decline of more than HK$700 million. TVB said the milk powder category remained in top position in the ad spend table, even though there was a 14% year-on-year drop in sales.
The loan and mortgage category, largely due to more aggressive activities by finance companies, recorded growth of more than 30% and secured second position. Other performing categories included banking and local properties, both of which reported increases of 36% and 64% respectively. Read more from marketing-interactive.com…
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