Covid-19 has put Media Chinese International in unusual position — chairman

TheEdge Mon, Jul 27, 2020 04:54pm - 3 years View Original


KUALA LUMPUR (July 27): Media Chinese International Ltd (MCIL) non-executive chairman Datuk Seri Dr Tiong Ik King said the Covid-19 pandemic has put the group in the unusual position of having the audience that the newspaper publisher has always targeted, but without the revenue from advertisers, who scaled back their advertising budgets.

Dr Tiong said in MCIL's latest annual report, which was filed with Bursa Malaysia today, that there are serious causes for concern that media business models are collapsing as the global economic shutdown has severely reduced the advertising spending that both print and digital media depend on.

"Many newspapers around the world have stopped printing or transformed to a digital-only operation that is just as vulnerable to the whims of advertisers.

"Besides affecting people’s health, Covid-19 has significant impacts on the economy and business environment. With the global economy expected to remain in contractionary state in the first half of 2020, it will be an extremely tough business environment for the group in the coming months.

"Our group will have to adapt to survive the onslaught of the invisible enemy and be ready to operate amidst such challenging conditions," he said.

More to come

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