TVB's big big shop reorganises job positions upon upgrading

TVB’s subsidiary eCommerce platform big big shop has cut some employees due to upgrading, transformation and reallocation of resources of the company.

According to its official statement, TVB stated that as the eCommerce business in Hong Kong is growing, the company’s eCommerce business group has entered the stage of upgrading, transformation and resource integration to maximise the business benefits of the company.

“Starting today, big big shop will upgrade and transform, and will be integrated into Ztore and Neigbuy platforms to accelerate the pace of development to meet market demand,” the statement read.

Upon the upgrade and transformation of big big shop, the company will reorganise the job positions and make internal transfers, where some of the employees have been successfully transferred while about ten employees could not be transferred internally. The company will compensate them in accordance with the labour law. The company hopes that the business restructuring could lead to more efficient use of resources.

Back in August this year, TVB announced that it has achieved a 46% revenue growth mainly driven by higher advertising income, its new eCommerce platform and its continued growth in Mainland China.

According to its official interim results released on 24 August 2022, TVB’s revenue grew by HK$572million (46%) from HK$1,248million to HK$1,820 million, due to its expansion of eCommerce revenue from its newly acquired platform Ztore Group, improved advertising income and continued growth in Mainland China.

The company also posted a decrease in net losses by 21% to HK$224 million in the first half of this year compared with the same period in 2021, with the TV broadcasting business in Hong Kong achieving 10% top-line growth from HK$544 million to HK$596 million.

This was caused by higher advertising income, which saw weakness from February to April, but rebounded strongly in May and June once the government began relaxing pandemic restrictions. This rebound also helped the company achieve positive Group earnings before interest, taxes, depreciation, and amortisation (EBITDA) in May and June.

TVB’s eCommerce revenue has also risen from HK$17 million to HK$461 million with the consolidation of the post-acquisition results of Ztore, representing an increase of HK$444 million. Furthermore, the company’s operations in China grew by HK$119 million or 42%, from HK$284 million to HK$403 million; offset by decrease in revenue from over-the-top (OTT) streaming and international operations amounted to HK$43 million, from HK$403 million to HK$360 million.

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