Hong Kong News

Nonpartisan, Noncommercial, unconstrained.
Saturday, May 25, 2024

TVB hits the jackpot as Taobao Live debut generates strong sales on mainland

TVB hits the jackpot as Taobao Live debut generates strong sales on mainland

TVB generated 23.5 million yuan in sales in the first six hours of its first live-streaming show on Taobao Live.
Television Broadcasts (TVB) generated 23.5 million yuan (US$3.37 million) in sales in the first six hours of its first live-streaming show on Taobao Live, Alibaba Group Holding’s live-streaming platform, fanning hopes that the major Hong Kong broadcaster can open a new source of income.

TVB’s Hong Kong stock price surged 85 per cent on Wednesday. The company said in a WeChat post that its live-streaming debut on Tuesday evening attracted 3.2 million viewers in total. Its stock price has risen nearly 130 per cent this week due to the partnership with Taobao Live.

Alibaba owns the South China Morning Post.

TVB announced its Taobao Live plans earlier this month, saying that it would invite its stars to the platform’s live-streaming room across at least 48 shows this year. Peng Ming Ye, president of TVB subsidiary TVBC, said the company hopes the move will help it “grab a cake in the huge live-streaming e-commerce industry in mainland China”.

While it remains to be seen just how much of a lift mainland live-streaming channels will help TVB in the long run, investors have warmed to the prospects of better brand recognition among mainland consumers. TVB made a net loss of HK$224 million in the first half of 2022, narrowing its loss by 21 per cent from the year before.

In its debut show on Taobao Live, TVB celebrities Moses Chan Ho and Sharon Chan Man-chi showcased local products in Hong Kong, such as canned abalone, in both Mandarin and Cantonese. At its peak, the show attracted 30,000 viewers.

“I’m both happy and sad. I’m happy that they [TVB] are taking live streaming seriously and can earn money, but sad that it seems the time when we binge-watched TVB shows has really passed,” said one user on China’s social media platform Xiaohongshu.

TVB is not the first company to see its share price jump on the back of live-streaming e-commerce efforts.

Koolearn Technology, which is 55.7 per cent owned by China’s biggest private tutoring group New Oriental Education & Technology, switched its business focus to live-streaming shopping after China cracked down on for-profit online education platforms in recent years.

The new venture involved bilingual live shopping sessions on its Douyin account known as Dongfang Zhenxuan, which went viral last year. Koolearn’s stock jumped more than sixfold between June 10 and June 16, 2022. Its share price was down 10 per cent at HK$36 in Hong Kong on Wednesday.

China’s economy has yet to recover from the pandemic and measures to contain Covid-19 outbreaks. In December, retail sales of social consumer goods in China were down 1.8 per cent year on year to about 4 trillion yuan, according to government data.

For the full year, those sales fell 0.2 per cent to about 44 trillion yuan. During the December quarter, Alibaba’s China e-commerce sales, which account for nearly 70 per cent of its total revenue, dropped 1 per cent to 170 billion yuan.
Newsletter

Related Articles

Hong Kong News
0:00
0:00
Close
It's always the people with the dirty hands pointing their fingers
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Steve Jobs' Son Launches Venture Capital Firm With $200 Million For Cancer Treatments
Google reshuffles Assistant unit, lays off some staffers, to 'supercharge' products with A.I.
End of Viagra? FDA approved a gel against erectile dysfunction
UK sanctions Russians judges over dual British national Kara-Murza's trial
US restricts visa-free travel for Hungarian passport holders because of security concerns
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Political leader from South Africa, Julius Malema, led violent racist chants at a massive rally on Saturday
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
'I am not your servant': IndiGo crew member, passenger get into row over airline meal
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Spanish Citizenship Granted to Iranian chess player who removed hijab
US Senate Republican Mitch McConnell freezes up, leaves press conference
Speaker McCarthy says the United States House of Representatives is getting ready to impeach Joe Biden.
San Francisco car crash
This camera man is a genius
3D ad in front of Burj Khalifa
Next level gaming
BMW driver…
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to X.com
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Joe Biden admitted, in his own words, that he delivered what he promised in exchange for the $10 million bribe he received from the Ukraine Oil Company.
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
The Last Pour: Anchor Brewing, America's Pioneer Craft Brewer, Closes After 127 Years
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Why Do Tech Executives Support Kennedy Jr.?
The New York Times Announces Closure of its Sports Section in Favor of The Athletic
BBC Anchor Huw Edwards Hospitalized Amid Child Sex Abuse Allegations, Family Confirms
Florida Attorney General requests Meta CEO's testimony on company's platforms' alleged facilitation of illicit activities
The Distorted Mirror of actual approval ratings: Examining the True Threat to Democracy Beyond the Persona of Putin
40,000 child slaves in Congo are forced to work in cobalt mines so we can drive electric cars.
×