Hong Kong 31st August: Last week, SEEC Media Group, a Hong Kong-listed media company, announced its financial results for the first half of 2023. Revenues in the six-month period were US$2.8 million, a decrease of 32% year-on-year. However, the company narrowed a loss of US$3.8 million in the first half of 2022, down to US$1.1 million in the first half of this year.

About 42% of SEEC’s total revenues were generated through its provision of advertising services, amounting at US$1.2 million. This segment fell 28% year-on-year. The company attributed the decrease in revenue from advertising services to the negative impact on global economy caused by the trade war between the U.S. and China, and the rapid development of the Internet economy in China over the past few years. The operational scale of the company’s print media advertising business in China was reduced due to the adverse impact of the pandemic and the expiry of all its exclusive advertising contracts with various magazine owners and/or operators.