TVB and Youku ink deal to bring HK-style dramas to wider Chinese audience

Local broadcaster TVB’s subsidiaries 77 Atelier and TVBC, subsidiaries, have signed a cooperation framework agreement with Youku, an online video platform under Alibaba Group. The company expected to generate a total revenue of approximately RMB700m. 

Pursuant to the agreement, the contract will last for two years during which 77 Atelier will provide Youku with multiple purchased dramas, and TVBC will provide TVB-synchronised dramas and library dramas. TVB and Youku will leverage their respective advantages to achieve synergy.

Commenting on the partnership, Thomas Hui, executive chairman of TVB said the framework agreement aims to deepen the cooperation between the two parties and is more conducive to releasing synergies, further bringing TVB's high-quality "Hong Kong-style" dramas to the vast Chinese audience through Youku's popular Hong Kong drama platform.

"Youku is one of the leading online video platforms in China. TVB has abundant film and television production resources and profound experience in drama creation. TVB has maintained a good cooperative relationship with Youku all along...We anticipate that this cooperation will foster and optimise a larger audience flow for both parties, strengthen the cohesion of Youku's Hong Kong Drama Platform, and ultimately achieve a win-win situation," he added.

Meanwhile, Yanhong Liu, chief operation officer of Youkusaid, “Youku has the most comprehensive library of Hong Kong dramas, and is the only leading online video platform in mainland China that offers a dedicated channel and largest fanbase for this genre. Hong Kong dramas produced by TVB have a wide impact among Chinese audiences worldwide. Building upon our decade-long collaboration, we co-produced variety shows and live concerts this year.

Liu also added that the enhanced partnership will further enrich Youku’s Hong Kong drama offering, and both parties will jointly help high-quality Hong Kong dramas achieve greater influence across generations and geographies through continued innovation.

MARKETING-INTERACTIVE has reached out to TVB for more information. 

Don't miss: TVB expects up to HK$830m loss in 2022 due to weak advertising revenue

Most recently, TVB said it is expecting a loss attributable to equity holders of the company of up to approximately HK$830m in the last financial year, as well as an EBITDA loss of approximately HK$338m compared to the financial year of 2021.

According to the official announcement on HKEX, TVB's unaudited consolidated revenue has grown by 24% from HK$2,899m for financial year 2021 to approximately HK$3,586m for financial year 2022. However, the company is also expecting a loss of approximately HK$338m for financial year of 2022 compared to the loss of HK$314m the previous year; as well as a loss attributable to equity holders of the company for the year in the range of approximately HK$790m to HK$830m.

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