videopokerslotgames| TV Broadcasting (00511) is expected to achieve significantly positive EBITDA throughout 2024

Zitong Financial App NewsVideopokerslotgamesTV broadcast (00511) issued an announcementVideopokerslotgamesDuring the three months ended March 31, 2024 (the quarter), the company continued to maintain a leading position in the ratings of Hong Kong terrestrial free television channels. The company's flagship channels, Jade, 24-hour wireless news and other channels combined reached a 79% market share.

The company's advertising revenue from the free terrestrial channel in Hong Kong continued to show a positive momentum during the quarter. Overall revenue from advertisers increased by a double-digit percentage in the quarter compared with the same period last year, partly due to the company's maintenance of high unit prices for prime-time television advertising on Jade for the three months ended December 31, 2023, and the company welcomed back more blue-chip corporate advertisers who had not advertised on the company's channels for some time. The company expects this continuing trend, coupled with the initial strong interest of potential customers in placing advertisements on the Jade and Pearl stations in Guangdong Province, will help the company achieve further growth in revenue from advertisers this year compared with 2023.

During the quarter, the Group's OTT streaming business continued to grow steadily, with Precious myTV Gold subscribers stable compared to the three months ended December 31, 2023 and an increase of 11% compared to the three months ended March 31, 2023, while the average number of monthly active users (MAU) at all service levels remained about 2 million.

Revenue from digital advertising on the myTV Super platform increased by more than 30 per cent over the three-month period ended March 31, 2023. As a result, the company expects digital advertising revenue to grow more strongly for the whole of 2024.

The company's biggest revenue and profit growth engine in mainland China this year is co-production. In view of the success of the company's series "the News Queen" in mainland China last year, the company signed a new and expanded co-production agreement with Youku this quarter. This will enable the company to co-produce a larger number of shows from this year to 2026. During the quarter, the company completed four co-productions: forensic Pioneer VI, Anti-Black Hero, Black Moonlight and Women's Great Hero Cliff. For the rest of 2024, the company plans to start filming ten more episodes and deliver them to its partners Youku and Tencent Video in 2025, which will enable the company's co-production revenue to grow further on track over the next two years.

At the same time, in terms of the company's multichannel network (MCN) business, the company continued to expand its e-commerce live streaming events (including the company's partnership with Taobao and the company's Douyin live streaming store) through more events during the quarter, although audience coverage decreased for seasonal reasons compared with the three-month period ended December 31, 2023.

In view of the above, the company reiterates its expectation that the Group will achieve significantly positive EBITDA for the whole of 2024. In addition, based on the current business momentum, the Company also expects to achieve a positive net profit (the profit belongs to the shareholders of the Company) during the six-month period ended 31 December 2024, without taking into account special one-off items, if any.

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