HONG KONG, July 20 /PRNewswire-Asia/ -- Qin Jia Yuan Media Services Company Limited (Stock Code: 2366, hereinafter referred to as "QJY" or "the Group") announced the entering into an agreement with Shanghai Media Group ("SMG") which gives QJY exclusive advertising rights of China Business Network ("CBN") in Sunday prime time. These rights were expected to generate advertising value up to RMB30 million.
As a leading multimedia services provider in Shanghai, SMG's performance mirrors Shanghai's booming economy. In 2008, SMG generated a ground-breaking revenue of RMB5.9 billion, in which revenue from advertising business exceeded RMB3.8 billion. With an intuitive understanding of Shanghai viewers' affinity for local culture and catered towards local viewers, SMG's local channels have outperformed the majority of other provincial satellite TV channels available in Shanghai.
Dr. Anita Leung Fung Yee, Chief Executive of QJY, said: "Acquiring the exclusive advertising rights for Sunday prime time of SMG's CBN is a remarkable breakthrough for QJY. We are expanding into Shanghai, which is one of the country's leading economic hubs. The gaining of a foothold in the advertising business in this economic centre is an exceptional achievement, and it is even more remarkable that we have acquired advertising rights of CBN's Sunday prime time. Shanghai audiences had shown the largest interests in financials in the country. High TV ratings of CBN have long been a mark of confidence for advertising clients. We expected that one hour of their Sunday prime time will generate over RMB10 million annual advertising fee and sponsorship income."
Dr. Leung also stated that the collaboration between the two companies has resulted in QJY acquiring, at no cost, exclusive licensing rights of SMG's exclusive program "What's Up in Job Market" for broadcasting in three provinces. The program would be broadcasted on TV channels which the Group held exclusive advertising rights. This was expected to bring an additional RMB10 million revenue through advertising and sponsorships in Shanghai, Chongqing, Fujian and Shanxi. This project was a prime example demonstrating QJY as a comprehensive and integrated one-stop advertising provider and its effectiveness in providing sponsorship and advertising packaging services.
Mr. David Liu Yuk Chi, Chairman of the Strategic Committee of QJY, indicated that the collaboration with SMG was a new chapter for QJY's advertising business. The historical good track record of QJY's TV advertising network had enabled it to acquire the exclusive advertising rights for high quality TV media. Cooperation with CBN was just a start. He believed that the phenomenal 79% increase in television advertising income over the past six months as compared to the same period last year would enable QJY to fully and firmly establish itself as an one-stop cross-media advertising service provider and will certainly attract more advertising clients in the coming six months.
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