Saturday, April 04, 2015
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.