The Chairman and Chief Executive Officer of Phoenix Media Investment (Holdings) Limited (the "Company" and its subsidiaries, collectively the "Group" or "Phoenix"), Mr. XU Wei, said today that revenue of the Group for the six months period ended 30 June 2023 (the "Period") was approximately HK$1,133,077,000, which represented a decrease of 24.0% in comparison with the same period last year. The operating loss of the Group for the Period decreased to approximately HK$273,959,000, which represented a decrease of 25.0% over the same period last year. The loss attributable to owners of the Company decreased to approximately HK$129,158,000, which represented a decrease of 60.9%.
Phoenix intensified the pace of its business transformation and innovation, which has shown a stable, positive trend in its operating performance. As an international media group based in Hong Kong and oriented globally, Phoenix always persists in the philosophy of openness and inclusiveness, adheres to and reinforces its core competitiveness in contents, and leverages on Phoenix's credibility, communication strength and influence, to promote multi-cultural exchanges from an international perspective, and to serve all Chinese around the world, so as to fulfill the expectations of our stakeholders.
RESULTS
The revenue of the Group for the Period was approximately HK$1,133,077,000 (six months ended 30 June 2022: HK$1,490,072,000), which represented a decrease of 24.0% in comparison with the same period last year. The operating costs for the Period have decreased by 24.2% to approximately HK$1,407,036,000 (six months ended 30 June 2022: HK$1,855,318,000).
The operating loss of the Group for the Period decreased to approximately HK$273,959,000 (six months ended 30 June 2022: HK$365,246,000), which represented a decrease of 25.0% in comparison with the same period last year.
The revenue decrease was mainly due to the challenging market condition in Mainland China. Nevertheless, effective cost control measures, in particular, in the area of staff costs, had been implemented by the Group to alleviate the negative impact caused by the revenue decrease.
The net exchange gain of the Group for the Period was approximately HK$1,574,000 (six months ended 30 June 2022: loss of HK$68,796,000).
The loss attributable to owners of the Company decreased to approximately HK$129,158,000 (six months ended 30 June 2022: HK$330,508,000), which represented a decrease of 60.9%.
The chart below summarises the performance of the Group for the six months ended 30 June 2023 and the same period in 2022 respectively.
COMMENTS ON SEGMENTAL INFORMATION
Revenue from television broadcasting, comprising advertising, subscription and other revenue sources, which accounted for 36.1% of the total revenue of the Group for the Period, decreased by 26.7% to approximately HK$409,250,000 (six months ended 30 June 2022: HK$557,995,000), the segmental loss for television broadcasting business was approximately HK$5,848,000 for the Period (six months ended 30 June 2022: HK$64,164,000).
Revenue from Phoenix Chinese Channel and Phoenix InfoNews Channel, which accounted for 22.4% of the total revenue of the Group for the Period, decreased by 26.9% to approximately HK$253,868,000 (six months ended 30 June 2022: HK$347,447,000).
The total revenue of Phoenix Hong Kong Channel, Phoenix Movies Channel, Phoenix North America Chinese Channel, Phoenix Chinese News and Entertainment Channel, integrated media operating platform and others decreased by 26.2% to approximately HK$155,382,000 (six months ended 30 June 2022: HK$210,548,000).
The revenue of the internet media business for the Period decreased by 17.7% to approximately HK$373,400,000 (six months ended 30 June 2022: HK$453,830,000). The segmental loss of the internet media business for the Period was approximately HK$108,095,000 (six months ended 30 June 2022: HK$275,402,000).
The revenue of the outdoor media business for the Period decreased by 30.3% to approximately HK$265,923,000 (six months ended 30 June 2022: HK$381,642,000). The segmental loss of the outdoor media business for the Period was approximately HK$24,797,000 (six months ended 30 June 2022: profit of HK$50,205,000).
The segmental loss of the real estate business for the Period was approximately HK$9,488,000 (six months ended 30 June 2022: profit of HK$14,013,000).
BUSINESS OVERVIEW AND PROSPECTS
In the first half of 2023, Phoenix intensified the pace of its business transformation and innovation, which has shown a stable, positive trend in its operating performance. Mr. Xu Wei, the Chairman of the Board and Chief Executive Officer, emphasises that Phoenix firmly establishes a strong base in Hong Kong, aiming at the development orientation of Hong Kong, Macau, Taiwan and the global Chinese community, focusing on its core businesses and devoting fully to promote internationalisation and to build an international leading Chinese media group.
Phoenix delivers the latest news of the world and Mainland China to Chinese audience around the world with professionalism, accuracy and promptness. In the first half of the year, Phoenix emphatically reported on various major news events such as the war between Russia and Ukraine, the earthquake in Turkey, the evacuation of nationals in Sudan, the Two Sessions of the National People's Congress and the Chinese People's Political Consultative Conference in the year of transition, the visit of President Xi Jinping to Russia, the first China-Central Asia Summit and China Manned Space Mission, and also live-reported on the key moments of interactions between Chinese and U.S. principal officials during the visit of Blinken, the U.S. Secretary of State, to China. Meanwhile, upholding the philosophy of live reporting of all major events from the scenes, Phoenix sent several reporters deep into the battlefront of Ukraine's to perform news coverage during the outbreak of Russia-Ukraine war, especially for the Wagner Group rebellion, Phoenix was the only international Chinese-language media to witness the scene of Wagner's withdrawal from the first-person perspective. In addition, as a Chinese-language media based in Hong Kong, Phoenix reported meticulously on major news such as the full resumption of normal travel between Hong Kong and the Mainland China as well as the northbound travel for Hong Kong vehicles.
Phoenix continues to emphasise on its news prominence and improve its programme quality. Phoenix Hong Kong Channel focuses on news and entertainment, receiving wide recognition from Cantonese-speaking audiences. Phoenix InfoNews Channel focuses on around-the-clock news-updates and breaking news reporting in prime time, striving to be the first-ever on the spot to live stream major news. Phoenix Chinese Channel launched a series of premium programmes in an in-depth, thoughtful and visionary approach at an international level, which enriched its international broadcast content in audiovisual narrative style as well as enhanced the expressiveness and influence of the international broadcasts, whereby winning praises from the Chinese-language audiences worldwide.
Phoenix continues to enhance its international network broadcast efforts and influence. To be in line with the development trend of digitalisation, networking and intelligent audiovisual technology, the Group extended its coverage worldwide through various means such as satellites, cable TV networks, mobile internet, Internet Protocol Television (IPTV) and over-the-top (OTT) platforms, social media and intelligent distribution platforms, and expanded its international broadcasting capabilities with mobile-first and Internet-based mindset broadcasting philosophy. Social media accounts such as "Phoenix", "Phoenix TV News" and "Hong Kong V" have continued to enhance the influence brought by the delivery of omni-media content, while Fengshows has continued to launch international content products, of which the number of subscribers of its overseas social media accounts continued to grow. In the future, Phoenix will also explore the light production and collaborative content product model of streaming media platforms, expand the application of artificial intelligence tools, keep innovating the presentation of audiovisual contents, and establish a three-dimensional, diverse and integrated Chinese-language media broadcasting matrix, so as to improve its overall delivery and monetisation of the content.
During the Period, Phoenix continued to enhance its brand value, whereby it has been listed as China's 500 Most Valuable Brands published by World Brand Lab for 20 consecutive years and has been ranked among the top four in the media industry, which reflected its popularity and reputation in media and culture fields. Phoenix's programmes garnered numerous international awards. At the 2023 New York Festivals International TV & Film Awards, 25th Anniversary of the Hong Kong Special Administrative Region - Bicycle won the silver award in Craft: Promotion/Open & ID, while Zoom In: Life of Women in Afghanistan and Zoom In: The Last ‘Comfort Women' Survivors won the silver awards in Program and Documentary, respectively. Moreover, the programmes produced by Phoenix garnered numerous awards at the AIB International Media Excellence Awards, Asian Television Awards, and the Chinese Documentary Festival, which demonstrated its outstanding production skills and strengths at an international level.
Phoenix undertakes media responsibilities in the international communication practice by promoting Sino-foreign cultural exchange, and establishing extensive strategic cooperation relationships with various international organisations and institutions such as The United Nations Educational, Scientific and Cultural Organisation (UNESCO) and The World Wide Fund for Nature (WWF). During the Period, Phoenix co-organised major events with its partners such as the Earth Hour; Davos Forum - Zero Carbon Mission Series; and Dialogue with The Next 50: Global Celebration of the 50th Anniversary of The UNESCO Convention Concerning the Protection of the World Cultural and Natural Heritage, which enhanced its affinity and influence in international communication via global, regional and demassified ways and injected new momentum into international broadcasts. At the same time, Phoenix also organised high-end brand events including You Bring Charm to the World Award and A Full Moon Rising Above the Greater Bay Area - The Greater Bay Area Film Concert in cooperation with its partners to enhance its influence as an international media.
For more information, please visit https://doc.irasia.com/listco/hk/phoenixtv/interim/2023/intpress.pdf.
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