(Yicai) Oct. 27 -- Television Broadcasts, one of the world’s largest producers of commercial Chinese-language TV programs, expects to turn its losses into earnings in the second half of this year driven by its mainland business, and especially livestreaming.

TVB is looking to report earnings before interest, taxes, depreciation, and amortization, a metric to assess a company's ability to generate cash flow, after logging a loss of HKD186 million (USD23.8 million) in the six months ended December last year, the Hong Kong-based TV broadcaster announced today.

The media group has sought new growth drivers via livestreaming e-commerce after in the first half, it recorded a net loss of HKD407 million, widening by 81.7 percent year-over-year. Its revenue decreased by 14 percent to HKD1.6 billion (USD213 million).

The mainland was the main growth driver in the quarter ended September. TVB has become a skilled multi-channel network company and its celebrities have gained 178 million followers on social media platforms such as Douyin, Kuaishou, Xiaohongshu, Weibo, and WeChat. Since the firm began cooperating with e-commerce platform Taobao in March, its gross merchandise volume has surged to around CNY250 million (USD32 million).

New income streams are expected as TVB has penned a USD700 million content supply agreement with Alibaba Group Holding’s video platform Youku with a start in the second half. Moreover, it has inked a framework agreement with Tencent Video to co-produce video dramas that are predicted to generate revenue in the fourth quarter.

The traditional TV business is still robust in one sense at least TVB’s flagship channel Jade, 24-hour Wireless News, and other channels achieved a combined 79 percent market share in the third quarter.

TVB produced 22,700 hours of content last year, covering areas such as drama series, variety and infotainment programs, news and financial information, documentaries, sports, and children’s programs.

Editor: Emmi Laine