As China's first public-listed company in the domestic radio and TV industry, BesTV dominates the market. (Photo : Reuters)
Fueled by income from advertising and mobile Internet, Shanghai media group subsidiary BesTV's growth increased by 16 percent year on year.
In a statement released to the Shanghai Stock Exchange, BesTV stated a net profit of 785 million yuan ($125.6 million) last year. The company's revenue increased by 13 percent from last year, cementing the numbers to 2.9 billion yuan.
BesTV said in their statement that "the mobile Internet and advertising business became our profit engines (in 2014)."
After the company spent $96 million to buy 51 percent of Adsage, a mobile advertising firm, its income from advertising encompassing mobile, Internet TV and other online platforms soared to 86 percent in 2014.
At the end of 2014, BesTV's 20 million users raised the revenue by 55 percent.
Expected to bring in more revenue this year is the country's more than 22.5 million nationwide Internet Protocol TV users (IPTV) wherein 15 million are paying subscribers.
BestTV soared 7.56 percent to 43.70 yuan in the stock market the other day, as compared with the entire market's gain percentage of 0.58 percent.
As the Chinese government reforms and revitalizes state-owned media enterprises, BesTV will push through with its plan of impending merger with Shanghai Oriental Group.
Haitong Securities, a BesTV adviser, stated that upon completion of the merger, BesTV will be China's first media enterprise with a market value that exceeds 100 billion yuan.
BesTV is China's first public-listed company in the domestic radio and TV industry. A subsidiary of Shanghai Media Group, the company launched its initial public offering as China's first new media stock in December of 2011.
