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From the Chairman



 
 


Honorary Chairman
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2020 has been tumultuous year for many across the globe. With the emergence of the COVID-19 pandemic in early 2020 which brought the global economy and international travelling to a standstill, financial year ended 31st March 2021 was extremely challenging for One Media Group Limited (the “Company”).

The Hong Kong economy was just recovering from the aftermath of the protests which had affected its economy in the second half of 2019 when the COVID-19 pandemic broke out in early 2020. To prevent the spread of the COVID-19 virus, movement controls and restrictions on operation of businesses had to be imposed. This further weakened the economy of Hong Kong which resulted in the GDP for Hong Kong in 2020 decreasing by 6.1% in real terms, if compared to 2019.

In order to survive the bleak market conditions, the Company had to adapt itself which included revising its product offerings, target segments and its operations. The Company believes that the challenges it had been facing in the past year will help it become more versatile and resilient to enable it to diversify its product offerings and build talent in order to emerge stronger.

BUSINESS HIGHLIGHTS

In the financial year under review, the Company had suffered a setback in its plan to expand its customer base due to the weak economic conditions caused by the COVID-19 pandemic. Nevertheless, it had continued its efforts in strengthening its e-commerce activities such as SearchingB for beauty products and Mingshop930 for flash sale which had managed to maintain its traction. Further, it had also managed to grow its artist management business which had signed on more new artists.

CONTENT AND REVENUE

Having to face weak advertisement spending from its traditional advertisers from the branded and retail segment, the Company had to fill the void by creating content on health and finance topics and publishing them in the form of a series which then attracted sponsorship from advertisers. The Company’s flagship publication, “Ming Pao Weekly 明周” (“MP Weekly”) remains a popular magazine providing interesting and current content on fashion, lifestyle and public interest topics. Meanwhile, “MING’s” continues as one of the well-positioned magazines on fashion and beauty, especially for the young. “TopGear 極速誌” remains a popular choice for car enthusiasts with interesting self-curated videos on topics related to driving and cars. “MING Watch 明錶” continues to trend as a professional watch and lifestyle title. In the financial year in review, the Company had continued working as a media partner for government projects.

RESOURCES AND INVESTMENTS

The introduction of vaccines for the COVID-19 offers the world the hope that normalcy can return and global economy can improve. With this encouraging development, the Company will continue its search for strategic partners that can complement and expand its digital businesses. In addition, the Company will remain focused on containing its costs.

APPRECIATION

I would like to take this opportunity to thank our readers, followers, advertisers, shareholders and business partners for their support and encouragement shown especially during these challenging times. Further, I would also like to extend my gratitude and thanks to the staff for their dedication and contribution to the Company.

TIONG Choon
Chairman
Hong Kong, 27th May 2021.




 
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