This article only represents the author's own views.

It was once Hong Kong’s undisputed broadcasting goliath, operating a near monopoly in the city’s TV market. But these days, Television Broadcasts Ltd. (0511.HK), or TVB, looks more like a faded version of the many superstars and beauty pageant contestants who have graced its sound stages over the years. Facing a sixth year of consecutive annual losses, the broadcaster could only brag to investors that it expects to report achieving “significant positive EBITDA” for all 2024 and a positive net profit in the second half of the year, according to a fourth-quarter business update released late last month.

The updated showed the average rating for TVB’s flagship Jade channel was 17.1 points during the quarter, down 0.1 point year-on-year, while its other channels were down by larger amounts ranging from 1 point to 2.1 points. The 1.9 million average monthly active users for its OTT Streaming business was also down by 100,000 viewers year-on-year.