TVB regards the Greater Bay Area as its own locality, and the mainland business has exploded, can co-produced dramas help turn around?
TVB's mainland business has grown explosively
Xu Tao, executive chairman of TVB Group, recently revealed that the revenue of dramas co-produced by TVB and the mainland is expected to exceed 1 billion yuan this year. This is an encouraging figure, as TVB's production is well received in the mass market in the mainland, and the mainland business is expected to grow explosively this year.
TVB has completed the filming of 4 co-produced dramas, and will open 10 more co-produced dramas by the end of this year. This has helped TVB further increase to more than 1 billion yuan this year after earning 729 million yuan in co-produced dramas last year. Last year, TVB's self-made drama "News Queen" became popular in the mainland, which promoted TVB to increase cooperation with Youku this year.
Treat the GBA as a home market
In order to expand its business market, one of TVB's key strategies is to promote its programmes to mainland audiences through partnerships. TVB hopes to increase its direct audience from 7 million in Hong Kong to 80 million in the Greater Bay Area, and will develop the Greater Bay Area as a local market.
Earlier this year, TVB took back its advertising rights in the Greater Bay Area, and the initial results are encouraging. Many GBA advertisers are interested in advertising in the region to attract Hong Kong audiences. The market potential in the Greater Bay Area is huge, and TVB is expected to show its strength in this hot land.
TVB has been struggling in the mainland market for many years, and its viewership and advertising revenue have not kept up with its mainland counterparts. Now TVB has finally realized that it must change its strategy, treat the Greater Bay Area as a local market, and increase its investment here.
The Greater Bay Area includes nine cities in Hong Kong, Macao and Guangdong Province, with a population of about 70 million and an economy of more than US$1.6 trillion. This land of affluence has always been an important market for Hong Kong enterprises, and TVB is no exception.
Partnering with video platforms
TVB and Youku signed an in-depth cooperation framework agreement in the first quarter of this year, and it is expected that they will jointly produce a number of dramas in the next two years. This will undoubtedly further promote the dissemination of TVB content in the mainland.
In addition to Youku, TVB is also expected to strengthen cooperation with Tencent. Tencent Video is a leading video platform in China, and its large user base will help TVB promote its content to the wider mainland market.
In recent years, more and more Hong Kong dramas have begun to be broadcast on the mainland, reflecting the increasing demand for Hong Kong TV dramas from mainland audiences. As a top brand in Hong Kong's entertainment industry, TVB will naturally not let go of this once-in-a-lifetime opportunity.
Reform seeks change and transformation
In the face of fierce competition from its mainland counterparts, TVB realized that it must reform and change in order to be invincible in the new era. CEO Xu Tao has said that content creation is TVB's core competency, and it will continue to increase investment in this area in the future.
In 2022, TVB will celebrate a number of eye-catching dramas, both in terms of subject matter and shooting techniques, which continue to break through the tradition and win wide acclaim from the audience. This undoubtedly opens a new door for TVB in the mainland market.
The return of Zeng Zhiwei, the new general manager of TVB, to TVB with his beloved apprentice Wang Zulan is also regarded as an important step in TVB's transformation. Many dramas directed by Zeng Zhiwei have achieved great success in the mainland, and his joining will undoubtedly bring new vitality to TVB.
TVB is actively seeking transformation and striving to adapt to the needs of the mainland market. Through a series of measures such as increasing cooperation with video platforms, reforming content creation, and introducing new blood, TVB is expected to regain its king style in the mainland.
This will not happen overnight. If TVB wants to truly gain a foothold in the mainland, it needs more patience and determination. But as long as the direction is correct, I believe that TVB will be able to shine again in the mainland.