Jimmy Lai Chee-ying's Apple Daily and Next Magazine are still considered some of the pricier jewels in the Hong Kong media crown even in the face of tough competition and declining revenue. Next Media, the city's largest listed publisher owned by Mr Lai, on Monday reported a 22 per cent drop in annual net profit. Still, the value of its mastheads and publishing rights rose by 38 per cent, reflecting the premium the titles hold in the market.
The mastheads and publishing rights for Apple Daily, Next Magazine and Sudden Weekly stood at HK$2.11 billion in the year to March, up from HK$1.52 billion, according to an independent valuer. 'The increase in valuation reflected the anticipated market situation and the titles' profitability in the future,' one source told Media Eye.
By comparison, Ming Pao Enterprise Corp, which publishes Ming Pao Daily News, Ming Pao Weekly and Ming Pao Monthly, reported the value of its mastheads and publishing rights at HK$41.4 million.
Sing Tao News Corp, the publisher of Sing Tao Daily and Headline Daily, valued its titles and rights at HK$17.7 million for the year to December.
SCMP Group's publishing titles, South China Morning Post and Sunday Morning Post, adopted a valuer's report that valued the titles at HK$4.36 billion at the end of 2004.
Price war inflicts damage on all
It is tough out there in magazine land even if you are a market leader. Next Media's titles were hit by a price war started by rivals including South China Media, publisher of Express News Weekly.