Search results for ""layoffs""
CReATION: Asia Online lays off 56 in latest blow to HK dotcom sector
Asia Online has sacked 56 employees from its Hong Kong operation, representing 18 per cent of the company's staff in the SAR. The move was the latest in a round of lay-offs to hit the Internet industry in Hong Kong, bringing the number of staff sacked to more than 1,000 since June this year. The company said it had to reduce staff on its payroll from 900 to 844. Asia Online was involved in 20 acquisitions in the past year and a half, but said it "expanded too quickly". The company said the cuts were aimed at reducing its costs and helping it to become profitable. Asia Online had earlier cancelled its plans to list for USdollars 100 million on the US Nasdaq. The lay-offs also followed the recent announcement of the departure of the company's chief executive and president Mr Kevin Randolph. He was replaced by Mr Edward Roberto. The company had reportedly raised an estimated USdollars 135 million in venture capital in the past 14 months.
CReATION: Asia Online lays off 56 in latest blow to HK dotcom sector
Asia Online has sacked 56 employees from its Hong Kong operation, representing 18 per cent of the company's staff in the SAR. The move was the latest in a round of lay-offs to hit the Internet industry in Hong Kong, bringing the number of staff sacked to more than 1,000 since June this year. The company said it had to reduce staff on its payroll from 900 to 844. Asia Online was involved in 20 acquisitions in the past year and a half, but said it "expanded too quickly". The company said the cuts were aimed at reducing its costs and helping it to become profitable. Asia Online had earlier cancelled its plans to list for USdollars 100 million on the US Nasdaq. The lay-offs also followed the recent announcement of the departure of the company's chief executive and president Mr Kevin Randolph. He was replaced by Mr Edward Roberto. The company had reportedly raised an estimated USdollars 135 million in venture capital in the past 14 months.
CReATION: Asia Online lays off 56 in latest blow to HK dotcom sector
Asia Online has sacked 56 employees from its Hong Kong operation, representing 18 per cent of the company's staff in the SAR. The move was the latest in a round of lay-offs to hit the Internet industry in Hong Kong, bringing the number of staff sacked to more than 1,000 since June this year. The company said it had to reduce staff on its payroll from 900 to 844. Asia Online was involved in 20 acquisitions in the past year and a half, but said it "expanded too quickly". The company said the cuts were aimed at reducing its costs and helping it to become profitable. Asia Online had earlier cancelled its plans to list for USdollars 100 million on the US Nasdaq. The lay-offs also followed the recent announcement of the departure of the company's chief executive and president Mr Kevin Randolph. He was replaced by Mr Edward Roberto. The company had reportedly raised an estimated USdollars 135 million in venture capital in the past 14 months.
CReATION: Asia Online lays off 56 in latest blow to HK dotcom sector
Asia Online has sacked 56 employees from its Hong Kong operation, representing 18 per cent of the company's staff in the SAR. The move was the latest in a round of lay-offs to hit the Internet industry in Hong Kong, bringing the number of staff sacked to more than 1,000 since June this year. The company said it had to reduce staff on its payroll from 900 to 844. Asia Online was involved in 20 acquisitions in the past year and a half, but said it "expanded too quickly". The company said the cuts were aimed at reducing its costs and helping it to become profitable. Asia Online had earlier cancelled its plans to list for USdollars 100 million on the US Nasdaq. The lay-offs also followed the recent announcement of the departure of the company's chief executive and president Mr Kevin Randolph. He was replaced by Mr Edward Roberto. The company had reportedly raised an estimated USdollars 135 million in venture capital in the past 14 months.
MEDIA CAREERS: Hong Kong agencies in bullish mode as talent hunt begins in earnest
The advertising sector in Hong Kong has reaffirmed its bullishness for this year by indicating that it is embarking on a hiring drive. According to a Morgan & Banks Job Index survey on the first quarter of this year, 47 per cent of respondents have indicated that they will increase staffing levels, compared with 37 per cent for the previous quarter. The most telling point underlining the current optimism, however, was that none said they were planning to cut back on employee numbers. This is in stark contrast to 12 months ago, when the ad industry was in the midst of a regionwide recession and bracing itself for further layoffs and pay cuts. The bullish sentiment is being fuelled by the on-going phenomenal growth in the Internet and telecom industries. The Internet industry, especially, is responsible for greater demand in personnel skilled in advertising and brand building. Morgan & Banks North Asia consumer group manager, San Lee, said there was a shortage of staff who have both business and Internet skills. The result, she noted, was that some dot-com companies were beginning to hire people with a "passion" for the Internet business. "Some companies are now looking at potential candidates who don't have Internet experience but who believe in the future potential of ecommerce," she said.
MEDIA CAREERS: Hong Kong agencies in bullish mode as talent hunt begins in earnest
The advertising sector in Hong Kong has reaffirmed its bullishness for this year by indicating that it is embarking on a hiring drive. According to a Morgan & Banks Job Index survey on the first quarter of this year, 47 per cent of respondents have indicated that they will increase staffing levels, compared with 37 per cent for the previous quarter. The most telling point underlining the current optimism, however, was that none said they were planning to cut back on employee numbers. This is in stark contrast to 12 months ago, when the ad industry was in the midst of a regionwide recession and bracing itself for further layoffs and pay cuts. The bullish sentiment is being fuelled by the on-going phenomenal growth in the Internet and telecom industries. The Internet industry, especially, is responsible for greater demand in personnel skilled in advertising and brand building. Morgan & Banks North Asia consumer group manager, San Lee, said there was a shortage of staff who have both business and Internet skills. The result, she noted, was that some dot-com companies were beginning to hire people with a "passion" for the Internet business. "Some companies are now looking at potential candidates who don't have Internet experience but who believe in the future potential of ecommerce," she said.
CReATION: Humanising the Web experience in Asia
In an effort to humanise the Internet experience, WorldGroup Consulting and TeleCare have announced a partnership to provide Web-enabled consulting services to companies across the region. Sydney Yuen, CEO of TeleCare and executive director of Systek Information Technology, told CReATION it was essential to bring back the human factor in customer care over the 'Net if CRM efforts were to be effective. He attributed the recent spate of dotcom lay-offs to "little human contact" and lack of customer service management, adding that most Hong Kong-based websites do not offer any point of contact for users of their site. "Enterprises must transform traditional customer care services with e-commerce and provide more personalised online business. Failure to establish user-friendly CRM procedures can spell disaster for both dotcoms and traditional business," Mr Yuen said. TeleCare's sister company Systek Information Technology is to supply the partnership with local consultants, engineers and its solution ezConnect. The solution allows multiple users to communicate with customer service representatives through real-time chat and voice-over IP, as well as permitting document sharing and online purchases that involve e-signatures. Customer service representatives are also able to manage communications with clients, such as e-mails, voice mails and faxes, from a single inbox. WorldGroup is to carry out extensive evaluation for TeleCare before implementing the Web-enabled CRM solution into the interactive centre. According to Tan Say Han, managing director of WorldGroup Consulting for Asia, the regional CRM market (excluding Japan and Korea) is valued at an estimated US$1 billion.
CReATION: Humanising the Web experience in Asia
In an effort to humanise the Internet experience, WorldGroup Consulting and TeleCare have announced a partnership to provide Web-enabled consulting services to companies across the region. Sydney Yuen, CEO of TeleCare and executive director of Systek Information Technology, told CReATION it was essential to bring back the human factor in customer care over the 'Net if CRM efforts were to be effective. He attributed the recent spate of dotcom lay-offs to "little human contact" and lack of customer service management, adding that most Hong Kong-based websites do not offer any point of contact for users of their site. "Enterprises must transform traditional customer care services with e-commerce and provide more personalised online business. Failure to establish user-friendly CRM procedures can spell disaster for both dotcoms and traditional business," Mr Yuen said. TeleCare's sister company Systek Information Technology is to supply the partnership with local consultants, engineers and its solution ezConnect. The solution allows multiple users to communicate with customer service representatives through real-time chat and voice-over IP, as well as permitting document sharing and online purchases that involve e-signatures. Customer service representatives are also able to manage communications with clients, such as e-mails, voice mails and faxes, from a single inbox. WorldGroup is to carry out extensive evaluation for TeleCare before implementing the Web-enabled CRM solution into the interactive centre. According to Tan Say Han, managing director of WorldGroup Consulting for Asia, the regional CRM market (excluding Japan and Korea) is valued at an estimated US$1 billion.
Tin Tin Daily exits HK; replaced by two new dailies from Televerse
Hong Kong newspaper Tin Tin Daily News has ceased publication after 40 years, but publisher Televerse International Limited simultaneously announced that it will launch two titles in its place. Chung Tin Daily and the Hong Kong Globe, both in Chinese, began publishing on the first of this month. Televerse took over Tin Tin Daily in June this year, with the intention of shutting the title down and replacing it due to its "pornographic" image. According to Televerse president Benjamin Lau, the general perception of Tin Tin as unsavoury was not something the company felt comfortable with, and therefore planned an overhaul from the beginning. He stressed that Tin Tin's replacements would be improved versions of their predecessor, with Chung Tin Daily to focus on general news and Hong Kong Globe focuses on educational and cultural issues. Staff numbers have been increased by 40 per cent to handle the two new papers, and employees have been given assurances that there are no lay-offs planned. Mr Lau, has been a university lecturer in the field of education and culture in Hong Kong for many years, refused to comment on the projected circulation of either title; however, the circulation of Tin Tin ranged between 55,000 to 58,000. Imagnet has been appointed to handle the promotion and marketing of both Chung Tin and Hong Kong Globe. Televerse was established and is wholly owned by Mr Lau and his business partner, freelance journalist Mr Wu Kwok Heng.
Tin Tin Daily exits HK; replaced by two new dailies from Televerse
Hong Kong newspaper Tin Tin Daily News has ceased publication after 40 years, but publisher Televerse International Limited simultaneously announced that it will launch two titles in its place. Chung Tin Daily and the Hong Kong Globe, both in Chinese, began publishing on the first of this month. Televerse took over Tin Tin Daily in June this year, with the intention of shutting the title down and replacing it due to its "pornographic" image. According to Televerse president Benjamin Lau, the general perception of Tin Tin as unsavoury was not something the company felt comfortable with, and therefore planned an overhaul from the beginning. He stressed that Tin Tin's replacements would be improved versions of their predecessor, with Chung Tin Daily to focus on general news and Hong Kong Globe focuses on educational and cultural issues. Staff numbers have been increased by 40 per cent to handle the two new papers, and employees have been given assurances that there are no lay-offs planned. Mr Lau, has been a university lecturer in the field of education and culture in Hong Kong for many years, refused to comment on the projected circulation of either title; however, the circulation of Tin Tin ranged between 55,000 to 58,000. Imagnet has been appointed to handle the promotion and marketing of both Chung Tin and Hong Kong Globe. Televerse was established and is wholly owned by Mr Lau and his business partner, freelance journalist Mr Wu Kwok Heng.
Dotcoms spend goes on despite shake down
Despite the recent spate of layoffs and reports of excessive marketing spending in the dotcom sector, Internet-related companies across Asia-Pacific continued to spend substantially on advertising during the first half of this year. Dotcoms in Hong Kong spent more than HK$400.5 million (about US$51.4 million) in advertising during the first quarter of this year, compared with about HK$122 million in the last quarter of 1999, representing a 229 per cent increase in ad spending. Expenditure during the second quarter of 2000 increased steadily to an estimated HK$466 million. The findings by ACNielsen also illustrated a 118 per cent rise in advertising expenditure by dotcoms in China between the first and second quarter of 2000. While Singapore also saw more than a 100 per cent increase in spending during the same period, it was Malaysia's dotcoms that led the region with a 425 per cent boost in ad spend during the same period. The dotcom sector, which has been plagued with layoffs and company closures, further helped fuel an overall HK$12.8 billion advertising boom in Hong Kong during the first six months of the year. Industry analysts, as well as venture capitalists, have questioned the marketing figures of dotcoms. Consider Renren Media, which posted a net loss of HK$47.84 million for the first six months of the year. The company spent a total of HK$30.5 million on marketing during the same period. Meanwhile, Tom.com spent HK$74 million on marketing and advertising during the first six months of the year. Both companies had earlier laid off workers in an effort to cut costs. Since June, hundreds of employees from other prominent Hong Kong-based portals, including nextmedia.com, appledaily.com and SCMP.com have been laid off. However, according to Mr Steven Yung, president of ACNielsen Media International, with the digital economy gradually taking shape, this spending could spell a bright outlook for the ad industry. "Growth so far this year has been outstanding - the advertising market in Asia-Pacific continues to outpace economic growth. In the first six months, the Asia-Pacific market earned close to US$13 billion, with key markets like China, South Korea, Hong Kong and Australia all showing strong gains. "The outlook is bright for the rest of the year. The regional economy is on course for a steady recovery, and we expect to see more dotcom advertising as the new economy takes shape, giving added momentum to the industry," he said. According to figures released by ACNielsen AdEx, the Hong Kong advertising market grew 20 per cent to US$1.6 billion in the first half this year. The China market led the region with 44 per cent growth at US$4 billion, while South Korea experienced 35 per cent growth at US$2.7 billion. Thailand was the largest market in Southeast Asia, presenting a 27 per cent increase to US$723 million. Mr Yung said, "The majority of spending by dotcoms has been on traditional mainstream medium, which makes sense. Dotcoms need to establish a brand name ... but the challenge is that with heavy spending the dotcoms now don't have much revenue. "The Internet is still young and this is a learning process for the dotcoms. Venture capitalists feel spending on brand building will be worthwhile. They are still learning which type of advertising works best on the Internet ... So there will be some mistakes along the away." DOTCOM ADVERTISING EXPENDITURE - ACNIELSEN Country Oct-Dec '99 Jan-Mar '00 Apr-Jun '00 Q1 '00 vs Q1 '00 vs dollars dollars dollars Q4 '99 Q2 '00 000's 000's 000's % change % change Hong Kong (HKdollars ) 121,688 400,567 466,048 229.2 16.3 China (RMB) 64,220 83,389 181,682 29.8 117.9 Singapore (Sdollars ) 5,020 12,254 25,433 144.1 107.5 Malaysia (Rtdollars ) 549 1,622 8,513 195.4 424.8 Thailand (Btdollars ) 127 43,821 73,170 34,404.7 67.0 Taiwan (NTdollars ) 430,786 538,599 - 25.0 174.1
Dotcoms spend goes on despite shake down
Despite the recent spate of layoffs and reports of excessive marketing spending in the dotcom sector, Internet-related companies across Asia-Pacific continued to spend substantially on advertising during the first half of this year. Dotcoms in Hong Kong spent more than HK$400.5 million (about US$51.4 million) in advertising during the first quarter of this year, compared with about HK$122 million in the last quarter of 1999, representing a 229 per cent increase in ad spending. Expenditure during the second quarter of 2000 increased steadily to an estimated HK$466 million. The findings by ACNielsen also illustrated a 118 per cent rise in advertising expenditure by dotcoms in China between the first and second quarter of 2000. While Singapore also saw more than a 100 per cent increase in spending during the same period, it was Malaysia's dotcoms that led the region with a 425 per cent boost in ad spend during the same period. The dotcom sector, which has been plagued with layoffs and company closures, further helped fuel an overall HK$12.8 billion advertising boom in Hong Kong during the first six months of the year. Industry analysts, as well as venture capitalists, have questioned the marketing figures of dotcoms. Consider Renren Media, which posted a net loss of HK$47.84 million for the first six months of the year. The company spent a total of HK$30.5 million on marketing during the same period. Meanwhile, Tom.com spent HK$74 million on marketing and advertising during the first six months of the year. Both companies had earlier laid off workers in an effort to cut costs. Since June, hundreds of employees from other prominent Hong Kong-based portals, including nextmedia.com, appledaily.com and SCMP.com have been laid off. However, according to Mr Steven Yung, president of ACNielsen Media International, with the digital economy gradually taking shape, this spending could spell a bright outlook for the ad industry. "Growth so far this year has been outstanding - the advertising market in Asia-Pacific continues to outpace economic growth. In the first six months, the Asia-Pacific market earned close to US$13 billion, with key markets like China, South Korea, Hong Kong and Australia all showing strong gains. "The outlook is bright for the rest of the year. The regional economy is on course for a steady recovery, and we expect to see more dotcom advertising as the new economy takes shape, giving added momentum to the industry," he said. According to figures released by ACNielsen AdEx, the Hong Kong advertising market grew 20 per cent to US$1.6 billion in the first half this year. The China market led the region with 44 per cent growth at US$4 billion, while South Korea experienced 35 per cent growth at US$2.7 billion. Thailand was the largest market in Southeast Asia, presenting a 27 per cent increase to US$723 million. Mr Yung said, "The majority of spending by dotcoms has been on traditional mainstream medium, which makes sense. Dotcoms need to establish a brand name ... but the challenge is that with heavy spending the dotcoms now don't have much revenue. "The Internet is still young and this is a learning process for the dotcoms. Venture capitalists feel spending on brand building will be worthwhile. They are still learning which type of advertising works best on the Internet ... So there will be some mistakes along the away." DOTCOM ADVERTISING EXPENDITURE - ACNIELSEN Country Oct-Dec '99 Jan-Mar '00 Apr-Jun '00 Q1 '00 vs Q1 '00 vs dollars dollars dollars Q4 '99 Q2 '00 000's 000's 000's % change % change Hong Kong (HKdollars ) 121,688 400,567 466,048 229.2 16.3 China (RMB) 64,220 83,389 181,682 29.8 117.9 Singapore (Sdollars ) 5,020 12,254 25,433 144.1 107.5 Malaysia (Rtdollars ) 549 1,622 8,513 195.4 424.8 Thailand (Btdollars ) 127 43,821 73,170 34,404.7 67.0 Taiwan (NTdollars ) 430,786 538,599 - 25.0 174.1
REPORT: MEDIA-CNBC Asian advertising industry poll - Happy days are here again as region readies for better times ahead
Everything is relative, as the saying goes, but the good news is that 92 per cent of respondents in the latest MEDIA-CNBC Asian Advertising Industry Poll believe that the year 2000 is looking better than 1999. Of course, last year saw some of the biggest ructions and lay-offs the advertising and marketing industries have experienced in Asia, coming as the long-term effects of the recession which began to bite in late '97. The general mood is one of cautious optimism, tinged with resignation - in other words, few believe that things could get much worse. Nonetheless, a proportion of respondents from Hong Kong (two per cent) and the Philippines (17 per cent) did, however, forecast that the next 12 months were likely to bring even worse hardships. In terms of growth, 80 per cent of respondents were confident that clients' business would increase, with the majority (56 per cent) tagging this at a rate of between 10-20 per cent. Across the region, creatives and agency media were the least bullish when asked how much they anticipated their existing business to increase this year, with 20 per cent in each of these two sectors forecasting no growth whatsoever. China was seen as the market with the greatest promise for growth in 2000, with 32 per cent of respondents anticipating that the mainland would have the fastest growth in the region. Eleven per cent pinned their hopes on Hong Kong, followed by Indonesia (10 per cent) and Korea (six per cent). In terms of category growth, it came as no surprise that 56 per cent said that information technology and related areas would boom, with banking/finance trailing a distant second, taking just 20 per cent of the vote. With the boom in new media and the way in which clients sought alternative advertising media during the slump of the last two years, questions of how media owners could attract clients have arisen. Nearly 50 per cent of respondents, interestingly enough, said they were looking for innovative ideas and packages which could add value to an otherwise straightforward media buy. Just 12.6 per cent cited discounts as the way to go. How the MEDIA-CNBC Asian Advertising Industry Poll was conducted ... The MEDIA-CNBC Asian Advertising Industry Poll was conducted on behalf of MEDIA and CNBC by Asia Market Intelligence via the Internet. Select respondents were contacted by email and asked to participate. Main results will be featured every month in MEDIA, as well as on Storyboard, CNBC's weekly programme covering advertising, media and marketing.
REPORT: MEDIA-CNBC Asian advertising industry poll - Happy days are here again as region readies for better times ahead
Everything is relative, as the saying goes, but the good news is that 92 per cent of respondents in the latest MEDIA-CNBC Asian Advertising Industry Poll believe that the year 2000 is looking better than 1999. Of course, last year saw some of the biggest ructions and lay-offs the advertising and marketing industries have experienced in Asia, coming as the long-term effects of the recession which began to bite in late '97. The general mood is one of cautious optimism, tinged with resignation - in other words, few believe that things could get much worse. Nonetheless, a proportion of respondents from Hong Kong (two per cent) and the Philippines (17 per cent) did, however, forecast that the next 12 months were likely to bring even worse hardships. In terms of growth, 80 per cent of respondents were confident that clients' business would increase, with the majority (56 per cent) tagging this at a rate of between 10-20 per cent. Across the region, creatives and agency media were the least bullish when asked how much they anticipated their existing business to increase this year, with 20 per cent in each of these two sectors forecasting no growth whatsoever. China was seen as the market with the greatest promise for growth in 2000, with 32 per cent of respondents anticipating that the mainland would have the fastest growth in the region. Eleven per cent pinned their hopes on Hong Kong, followed by Indonesia (10 per cent) and Korea (six per cent). In terms of category growth, it came as no surprise that 56 per cent said that information technology and related areas would boom, with banking/finance trailing a distant second, taking just 20 per cent of the vote. With the boom in new media and the way in which clients sought alternative advertising media during the slump of the last two years, questions of how media owners could attract clients have arisen. Nearly 50 per cent of respondents, interestingly enough, said they were looking for innovative ideas and packages which could add value to an otherwise straightforward media buy. Just 12.6 per cent cited discounts as the way to go. How the MEDIA-CNBC Asian Advertising Industry Poll was conducted ... The MEDIA-CNBC Asian Advertising Industry Poll was conducted on behalf of MEDIA and CNBC by Asia Market Intelligence via the Internet. Select respondents were contacted by email and asked to participate. Main results will be featured every month in MEDIA, as well as on Storyboard, CNBC's weekly programme covering advertising, media and marketing.
CReATION: Tom.com HKdollars 148.5m ad, promotion spend fuels company losses
Troubled Tom.com reported HKdollars 163 million in losses in the three months to September 30 after spending HKdollars 148.5 million on advertising, promotion and Web design. The company had sacked more than a quarter of its Hong Kong workforce in July, while its subsidiary iTravel cut back 83 per cent of its total staff at the company's Hong Kong office in September. Tom.com chief executive Mr Richard Li said the group expected its monthly burn rate to fall by 30 per cent by the end of this year, with operational costs to be cut from HKdollars 15.3 million to HKdollars 6.3 million. He also did not rule out the possibility of more lay-offs. During the three-month period to March, the company had spent HKdollars 28.4 million on advertising and promotion. That figure was raised to HKdollars 45.8 million from April to June. For the three-month period to September this year, the company spent more than HKdollars 31 million on advertising and promotion. According to Tom.com, its total number of advertisers has reached 100. Other Hong Kong-based dotcoms also continued to report losses for the third quarter of this year. Portal Chindotcom's losses widened by almost 41 per cent in the third quarter to USdollars 20.53 million. Netease.com had earlier posted a loss of USdollars 5.02 million in the third quarter, while rival Sohu.com announced a net loss of USdollars 4.3 million. Sina.com also reported third-quarter losses at USdollars 6 million. Tom.com had earlier announced it would acquire more than 49 per cent of Kunming Fench Star Information Industry, a China-based outdoor media and advertising company. The acquisition followed a string of other recent investments by Tom.com, which include 163.net, YC Press and Shawei.com. Meanwhile, Tom.com's page views during the third quarter of this year hit 26 million, a five-fold increase according to the company. About 50 per cent of the page view reportedly came from internal growth, while the remaining half was generated from recent mergers and acquisitions. Tom.com also said it was looking to generate advertising revenue through a joint venture announced in November with Great Wall Computer Software and Systems (GWSS) and Great Wall Broadband Network Services (GWBN), which is to provide quality software and information services to broadband users in mainland China. The company said revenue was to be generated from advertising, subscription, ecommerce and product sales. It outlined plans to develop home-user services such as property management; video-on-demand; real-time news and stock market updates; online games; payment services, and online shopping. General manager of GWBN Yang Yu Hang said: "Looking forward, with the Great Wall's broadband network as the backbone, the JV company will exploit the broadcasting as well as the telecommunications broadband network value-added service market. It will also set up a nationwide sales network using residential property management companies as distribution channels."
CReATION: Tom.com HKdollars 148.5m ad, promotion spend fuels company losses
Troubled Tom.com reported HKdollars 163 million in losses in the three months to September 30 after spending HKdollars 148.5 million on advertising, promotion and Web design. The company had sacked more than a quarter of its Hong Kong workforce in July, while its subsidiary iTravel cut back 83 per cent of its total staff at the company's Hong Kong office in September. Tom.com chief executive Mr Richard Li said the group expected its monthly burn rate to fall by 30 per cent by the end of this year, with operational costs to be cut from HKdollars 15.3 million to HKdollars 6.3 million. He also did not rule out the possibility of more lay-offs. During the three-month period to March, the company had spent HKdollars 28.4 million on advertising and promotion. That figure was raised to HKdollars 45.8 million from April to June. For the three-month period to September this year, the company spent more than HKdollars 31 million on advertising and promotion. According to Tom.com, its total number of advertisers has reached 100. Other Hong Kong-based dotcoms also continued to report losses for the third quarter of this year. Portal Chindotcom's losses widened by almost 41 per cent in the third quarter to USdollars 20.53 million. Netease.com had earlier posted a loss of USdollars 5.02 million in the third quarter, while rival Sohu.com announced a net loss of USdollars 4.3 million. Sina.com also reported third-quarter losses at USdollars 6 million. Tom.com had earlier announced it would acquire more than 49 per cent of Kunming Fench Star Information Industry, a China-based outdoor media and advertising company. The acquisition followed a string of other recent investments by Tom.com, which include 163.net, YC Press and Shawei.com. Meanwhile, Tom.com's page views during the third quarter of this year hit 26 million, a five-fold increase according to the company. About 50 per cent of the page view reportedly came from internal growth, while the remaining half was generated from recent mergers and acquisitions. Tom.com also said it was looking to generate advertising revenue through a joint venture announced in November with Great Wall Computer Software and Systems (GWSS) and Great Wall Broadband Network Services (GWBN), which is to provide quality software and information services to broadband users in mainland China. The company said revenue was to be generated from advertising, subscription, ecommerce and product sales. It outlined plans to develop home-user services such as property management; video-on-demand; real-time news and stock market updates; online games; payment services, and online shopping. General manager of GWBN Yang Yu Hang said: "Looking forward, with the Great Wall's broadband network as the backbone, the JV company will exploit the broadcasting as well as the telecommunications broadband network value-added service market. It will also set up a nationwide sales network using residential property management companies as distribution channels."
CReATION: Tom.com HKdollars 148.5m ad, promotion spend fuels company losses
Troubled Tom.com reported HKdollars 163 million in losses in the three months to September 30 after spending HKdollars 148.5 million on advertising, promotion and Web design. The company had sacked more than a quarter of its Hong Kong workforce in July, while its subsidiary iTravel cut back 83 per cent of its total staff at the company's Hong Kong office in September. Tom.com chief executive Mr Richard Li said the group expected its monthly burn rate to fall by 30 per cent by the end of this year, with operational costs to be cut from HKdollars 15.3 million to HKdollars 6.3 million. He also did not rule out the possibility of more lay-offs. During the three-month period to March, the company had spent HKdollars 28.4 million on advertising and promotion. That figure was raised to HKdollars 45.8 million from April to June. For the three-month period to September this year, the company spent more than HKdollars 31 million on advertising and promotion. According to Tom.com, its total number of advertisers has reached 100. Other Hong Kong-based dotcoms also continued to report losses for the third quarter of this year. Portal Chindotcom's losses widened by almost 41 per cent in the third quarter to USdollars 20.53 million. Netease.com had earlier posted a loss of USdollars 5.02 million in the third quarter, while rival Sohu.com announced a net loss of USdollars 4.3 million. Sina.com also reported third-quarter losses at USdollars 6 million. Tom.com had earlier announced it would acquire more than 49 per cent of Kunming Fench Star Information Industry, a China-based outdoor media and advertising company. The acquisition followed a string of other recent investments by Tom.com, which include 163.net, YC Press and Shawei.com. Meanwhile, Tom.com's page views during the third quarter of this year hit 26 million, a five-fold increase according to the company. About 50 per cent of the page view reportedly came from internal growth, while the remaining half was generated from recent mergers and acquisitions. Tom.com also said it was looking to generate advertising revenue through a joint venture announced in November with Great Wall Computer Software and Systems (GWSS) and Great Wall Broadband Network Services (GWBN), which is to provide quality software and information services to broadband users in mainland China. The company said revenue was to be generated from advertising, subscription, ecommerce and product sales. It outlined plans to develop home-user services such as property management; video-on-demand; real-time news and stock market updates; online games; payment services, and online shopping. General manager of GWBN Yang Yu Hang said: "Looking forward, with the Great Wall's broadband network as the backbone, the JV company will exploit the broadcasting as well as the telecommunications broadband network value-added service market. It will also set up a nationwide sales network using residential property management companies as distribution channels."
CReATION: Tom.com HKdollars 148.5m ad, promotion spend fuels company losses
Troubled Tom.com reported HKdollars 163 million in losses in the three months to September 30 after spending HKdollars 148.5 million on advertising, promotion and Web design. The company had sacked more than a quarter of its Hong Kong workforce in July, while its subsidiary iTravel cut back 83 per cent of its total staff at the company's Hong Kong office in September. Tom.com chief executive Mr Richard Li said the group expected its monthly burn rate to fall by 30 per cent by the end of this year, with operational costs to be cut from HKdollars 15.3 million to HKdollars 6.3 million. He also did not rule out the possibility of more lay-offs. During the three-month period to March, the company had spent HKdollars 28.4 million on advertising and promotion. That figure was raised to HKdollars 45.8 million from April to June. For the three-month period to September this year, the company spent more than HKdollars 31 million on advertising and promotion. According to Tom.com, its total number of advertisers has reached 100. Other Hong Kong-based dotcoms also continued to report losses for the third quarter of this year. Portal Chindotcom's losses widened by almost 41 per cent in the third quarter to USdollars 20.53 million. Netease.com had earlier posted a loss of USdollars 5.02 million in the third quarter, while rival Sohu.com announced a net loss of USdollars 4.3 million. Sina.com also reported third-quarter losses at USdollars 6 million. Tom.com had earlier announced it would acquire more than 49 per cent of Kunming Fench Star Information Industry, a China-based outdoor media and advertising company. The acquisition followed a string of other recent investments by Tom.com, which include 163.net, YC Press and Shawei.com. Meanwhile, Tom.com's page views during the third quarter of this year hit 26 million, a five-fold increase according to the company. About 50 per cent of the page view reportedly came from internal growth, while the remaining half was generated from recent mergers and acquisitions. Tom.com also said it was looking to generate advertising revenue through a joint venture announced in November with Great Wall Computer Software and Systems (GWSS) and Great Wall Broadband Network Services (GWBN), which is to provide quality software and information services to broadband users in mainland China. The company said revenue was to be generated from advertising, subscription, ecommerce and product sales. It outlined plans to develop home-user services such as property management; video-on-demand; real-time news and stock market updates; online games; payment services, and online shopping. General manager of GWBN Yang Yu Hang said: "Looking forward, with the Great Wall's broadband network as the backbone, the JV company will exploit the broadcasting as well as the telecommunications broadband network value-added service market. It will also set up a nationwide sales network using residential property management companies as distribution channels."