On April 22, Ge Longhui TV Radio (00511.HK) announced that for the three months ending March 31, 2024, the Group continued to maintain its leading position in the ratings of free terrestrial television channels in Hong Kong, China during this quarter. The total ratings of the Group's flagship channel Feicui Channel, 24-hour wireless news station and other channels reached 79% of the market share.
The Group's advertising revenue on its free terrestrial channel in Hong Kong, China continued to show a positive trend during the quarter. Overall revenue from advertisers this quarter achieved a double-digit percentage increase compared to the same period last year. This is partly due to the Group maintaining a high unit price level for prime time TV commercials on Feicui Channel for the three months ending December 31, 2023, and the Group welcomed more blue-chip corporate advertisers who had not advertised on the Group's channels for a while. The Group anticipates that this continuing trend, combined with the initial strong interest of potential customers in advertising until the Group's landing at the Emerald Terrace and Pearl Terrace in Guangdong Province, will help the Group achieve further revenue growth from advertisers this year compared to 2023.
During this quarter, the Group's OTT streaming business continued to grow steadily. Compared with the three-month period ending December 31, 2023, Premium myTV Gold subscribers remained stable, and increased 11% over the three-month period ending December 31, 2023, while the average number of monthly active users (MAU) across all service tiers remained around 2 million.
The Group's biggest revenue and profit growth engine in mainland China this year was a co-production. Following the successful broadcast of the group's drama “Queen of the News” in mainland China last year, the group signed a new and extended co-production agreement with Youku this quarter. This will allow the group to co-produce a larger number of episodes between the beginning of this year and 2026. Within this quarter, the group completed filming of four co-productions: “Forensic Pioneer VI,” “Anti-Black Heroes,” “Black Moonlight,” and “The Cliff of Female Heroes.” For the rest of 2024, the Group plans to begin filming another ten series and deliver them to the Group's partners Youku and Tencent Video in 2025. This will enable the Group's co-production revenue to grow further over the next two years.
Meanwhile, in terms of the Group's multi-channel network (MCN) business, the Group continued to expand the Group's e-commerce live streaming events (including the Group's cooperation with Taobao and the Group's Douyin live streaming store) during the quarter, although compared with the three-month period ending December 31, 2023, audience coverage declined due to seasonal reasons.