Hong Kong television channel TVB hits jackpot on Taobao as its live-streaming debut generates strong sales

Television Broadcasts (TVB) generated 23.5 million yuan (US$3.37 million) in sales in the first six hours of its first live-streaming show on Taobao Live, Alibaba Group Holding’s live-streaming platform, fanning hopes that the major Hong Kong broadcaster can open a new source of income.

TVB’s Hong Kong stock price surged 85 per cent on Wednesday. The company said in a WeChat post that its live-streaming debut on Tuesday evening attracted 3.2 million viewers in total. Its stock price has risen nearly 130 per cent this week due to the partnership with Taobao Live.

Alibaba owns the South China Morning Post.

TVB announced its Taobao Live plans earlier this month, saying that it would invite its stars to the platform’s live-streaming room across at least 48 shows this year. Peng Ming Ye, president of TVB subsidiary TVBC, said the company hopes the move will help it “grab a cake in the huge live-streaming e-commerce industry in mainland China”.

While it remains to be seen just how much of a lift mainland live-streaming channels will help TVB in the long run, investors have warmed to the prospects of better brand recognition among mainland consumers. TVB made a net loss of HK$224 million in the first half of 2022, narrowing its loss by 21 per cent from the year before.

In its debut show on Taobao Live, TVB celebrities Moses Chan Ho and Sharon Chan Man-chi showcased local products in Hong Kong, such as canned abalone, in both Mandarin and Cantonese. At its peak, the show attracted 30,000 viewers.