Sing Tao News Corporation's (1105) net loss significantly decreased by 65 percent to HK$49.1 million in 2023, which was primarily driven by the continuous acceleration of the new media business transformation, the structural reform of the group's business, increase in business revenue, and effective cost control measures.
The loss has included a depreciation charge of property, plant and equipment of approximately HK$60.9 million. Revenue grew by 1 percent to HK$820 million.
Revenue from new media business recorded significant growth. Leveraging artificial intelligence, big data analytics, and other technologies, the group integrated programmatic advertising ecosystem that has generated revenue and achieving breakthroughs.
One-stop solutions for advertisers were offered that seamlessly coordinated across multiple platforms, including both new media and print media. Through data analysis, effective promotional campaigns were achieved that generated considerable returns for advertisers.
The brand-new "Sing Tao Headline" website was launched, and together with the "Sing Tao Headline" app, remarkable results were achieved.
The total user number of the new media platform continued to reach new heights.
For Sing Tao Daily, the recovery of tourism and related industries contributed to the growth in advertising revenues from the government, exhibitions, retail, and tourism sectors.
The total advertising spending on free newspapers increased by approximately 3.7 percent, with Headline Daily recording double-digit growth.
For The Standard, there was an upward trend in digital advertising revenue, primarily driven by the growth in online content marketing and sponsored content. East Week, continued to dominate the magazine advertising market, maintaining the largest share.
The group will continue to be a platform for information exchange and communication and will organize a series of major events, including the "Leader of the Year", "China Macro Economy and Greater Bay Area Integration Forum," "ESG Certification Ceremony and Sustainability Development Forum," "Inter-School Debating Competition," and "SZ-HK-MO Youth Creative Design Competition," aiming to promote market development in an innovative and diversified manner, stimulating the growth of Hong Kong's economic and cultural activities, and fostering cultural communication and integration in the Greater Bay Area.
