Majority Shareholder, Li Ruigang, Believes TVB Has Hit Rock Bottom
TVB’s growth has not been ideal in recent years, and this is reflected in their stock price which has fallen 70 percent from their highest point in 2017. The released annual financial results showed a net loss of $280 million Chinese yuan for the year, marking it the third consecutive year the company has recorded losses.
TVB majority shareholder and chairman of the executive board, Li Ruigang (黎瑞刚), harshly criticized the station for losing direction in the past 10 years. The media tycoon, who has been nicknamed as China’s Rupert Murdoch due to his extensive experience in Chinese the broadcasting industry, entered his stake in TVB in 2015.
Li points out that everything from the station’s programs, management team, corporate image, and operations are aging. The toxic work culture with cliques and favoritism are hindering the company’s ability to innovate, and suppressing youth and vitality.
Stating that TVB has already hit rock bottom and needs to reform immediately, Li believes that if TVB’s efforts do not improve, the company will fail. As part of the new changes, Eric Tsang (曾志偉) and Wong Cho Lam (王祖藍) were appointed managerial roles to improve programming quality and expand viewership in the Mainland Chinese market.
Believing that TVB bears the responsibility of supporting Hong Kong’s cultural estate, Li heavily criticized the station’s former stalemate with the four largest music companies and banning many singers from appearing on their platform, while only promoting the station’s own contracted singers.
Li also condemned the operations of TVB’s BIG BIG SHOP and other e-commerce ventures. Many friends have given him negative feedback after using the services. He believes that e-commerce should not be controlled by the station’s media managers, but rather a professional team knowledgeable in e-commerce operations.
Although he has many criticisms for TVB, Li praises the news department for having a fair political stance. He believes that netizens who are negatively targeting TVB’s advertisers are breaking the law, and hopes that authorities will be able to curb their actions.
Source: HK01
This article is written by Kiki for JayneStars.com.
Eric Tsang and Wong Cho Lam Return to TVB in Managerial Roles
the fall of a dynasty….
The turnaround for TVB will be very difficult because of so much lost time. Corporate culture is also slow to change, and will require extensive restructuring and new management to bring innovative ideas. I agree with everything Li Ruigang pointed out, and wish this discussion emerged at the executive board level much earlier.
@jayne it’s possible if the senior management makes a big effort to change. Fire the incompetent, set expectations and folks that can’t adapt? They shouldn’t be there in the first place. If you cannot find such person in local market, go international.
Dynasties fall when people go soft and nepotism creeps in. Use only people with passion, with capability and with creativity, that may turn TVB around.
Definitely too little, too late as far as I’m concerned. It’s been this way for years (personally, I’ve been complaining about the same stuff that Li Ruigang mentioned for at least a decade)….what makes them think they’ll be able to change now? To me, the only good thing about the changes is that they finally get rid of the idiots who’ve been running TVB into the ground for years: Mark Lee (who is “retiring” next month), Sandy Yu (“resigning” at the end of this month), and Herman Ho (pretty much already fired).
@llwy12
Hi, what role did Sandy Yu play in running TVB into the ground? I thought she did very well in variety shows and improve this segment a lot, and that’s the reason her position rise in TVB.
@kidd uhhh why do you think she improved the variety shows?
She and her husband destroyed the music aspect in TVB by only letting company managed employees sing the theme songs, and go on their music shows.
@kidd Sandy Yu & her husband did not improve the variety shows
@kidd think she and hubby tried to maximise profit from the record companies but went overboard and all fall out with TVB. Didn’t you notice all theme songs are from one and only company (subsi of TVB ) now?
She didn’t rise from the ranks, she came from another tv station and rumours has it that’s why we see selected people ( that’s with her) doing well in TVB in recent years
For any company to stay competitive and healthy in profit, they need to use the right person and maximise their capability. Dynasties fall cos they begin to get soft and then before you know it, nepotism creeps in
I agree with him, but I also think he is missing a key piece of the story. The dramas at TVB all revolve around tired themes of jobs/careers and not character development. Back in the olden days, TVB was still working with strict budgets, tiresome cast and crew working behind the scenes and favoritism. But they ushered in a new era of TV trends and popularity for Cantonese dramas. It’s not because of anything that was happening with production teams, etc. It was literally because of focus for the plot, character development and great scripts. The script/plot and chemistry between cast makes up 70% of a drama’s popularity. Look at Exorcist’s Meter…cheap budget, high script effort, good quality cast….
Tvb lost the audience because they don’t know proper promotion and management. You can’t push four dramas and two shows of the same artist and expect everyone to watch it.
The really need to mix their cast up with fresh faces and different lead combinations. And for the nth time, stop recruiting actresses through Miss HK. It. Does. Not. Work.
I doubt WCL and Eric Tsang wil save their failure at variety programs. Aside from making Steve Lee into a celebrity chef their programs are either stupid or a repeat of cooking and singing competitions. Viu TV is miles ahead.
What’s left? A few actors/actresses that can actually draw people in. Unless they can write good scripts and be more modern with their cinematography, eventually they’ll have to cut their losses…. Sell to a Chinese investor?
@bubbles23 TVB has always recruited actresses through Miss HK. It was like that even back in the day.
Why do you say Viu TV is miles ahead? I havent watched anything from them.
@luye Ms HK was one of the Avenue. It’s now the only Avenue.
They need to go hunting for people who can act, not people who only looks good.
@luye just because it worked back in the day does not mean it’s giving the same outputs in recent years. The quality of miss hks has declined drastically in terms of looks and their potential as an artist.
At least Viutv comes up with new ideas for their variety programs and don’t use crappy studio lighting in their dramas.
@luye I believe because they’re shows are actually different then the typical TVB dramas, granted I still watch TVB stuff but the Viutv is a bit refreshing. Like Single Papa and Warrior Within were pretty decently good, fresh faces with veterans mixed into their series. Unless I’m wrong @bubbles23 can clarify.
Speaking from my own experience, my co was lead by folks that were taking things easy. A new CEO came and within 1 year, HOD were replaced and folks that cannot adapt to the change in culture didn’t stay long…..
Co went from a loss position to the most profitable region within 5 years.
It just making sure you pay top dollars for the right people
TVB didn’t have competition before. They keep sticking to the same formula thinking it would be successful in any era. It’s going to end up like Blockbuster at this rate.