HKTV Lost $1 Billion HKD in Three Years
The financial reports for Ricky Wong’s (王維基) HKTV was released last week, reporting a $237 million HKD loss in the 16 months ending on December 2014. Reports say that HKTV accrued losses amounting to $1 billion HKD in the past three years.
In 2013, HKTV applied for a free-to-air service license in Hong Kong, but the license was rejected by the Hong Kong government in October 2013. Despite the rejection, HKTV decided to continue with its program broadcasting and utilizes an over-the-top internet platform to air its programs. HKTV was officially launched in November 2014.
Upon the establishment of HKTV, Ricky Wong said he hoped HKTV would be able to challenge TVB’s monopoly in the Hong Kong television market, but it was easier said than done. Though HKTV received wide support from netizens initially, viewership ratings fell dramatically over the last few months, forcing HKTV to put a temporary halt in drama production.
Currently, the broadcaster’s income relies on commercials, its online shopping mall, and the fees generated from licensing its programs overseas.
In 2011, HKTV acquired a plot of land in Tseung Kwan O — only a few miles away from TVB’s own TV City studios — to build a production studio for its television dramas. However, the land remains untouched today.
Source: East Week
This article is written by Addy for JayneStars.com.