News this week: Last week, Hong
Kong-listed SEEC Media
reported its financial results for the year ended 31st December 2014.
Revenues for the year were US$57 million, down 10% year-on-year. The company
recorded a loss of US$16 million, compared with a profit of US$2.2 million in
2013.
More than 70% of SEEC’s revenues were
generated through advertising income, which amounted to US$42 million. That figure
represents a 15% year-on-year decrease. The remaining revenues were generated
through income from conferences & events (US$11 million) and sales of books
& magazines (US$4.4 million). Income from conferences & events
increased 22% year-on-year, however sales of books & magazines dropped 14%.
SEEC attributed the decrease in revenue to
the slowdown of economic growth in China and competition from Internet media in
China. SEEC’s flagship magazine, Caijing
Magazine, posted a 10% decrease in revenue. To reduce the impact of the
continuing drop in advertising revenues, the company plans to diversify its
sources of revenue.
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