GHY Culture & Media says its concert production business will likely face a “deterioration” in earnings prospects due to the existing market conditions and challenging labour conditions. According to the group, its concert production team, who are responsible for overseeing the overall concert organisation business segment, have left to pursue “other personal opportunities”.
Meanwhile, the group’s China-based concert production team will continue to oversee the group’s concert management business in the country.
As at its announcement on Sept 13, the group’s concert production projects are limited to the Angela Zhang concert in China. GHY’s indirect associated company, Tianjin Xinyuan Culture & Broadcast Co, had entered into the cooperation agreement for the grant by Xinchengsi International Music Production Co., Ltd. of the concert production rights for Angela Zhang’s World Tour 2024 concert in Changshu, China. The concert is scheduled to be held on Oct 13.
In the same statement, GHY said it had entered into an investment agreement with Him International Music to produce the concert for Power Station’s "Because of Love" World Tour concert. The concert was held in Singapore in May.
On Aug 6, the group announced a deeper loss of $18.7 million for 1HFY2024 compared to the loss of $1.9 million in 1HFY2023. In its latest announcement, the group says its investment in Jay Chou’s Carnival World Tour concerts in China was recognised as other income in its financial statements.
Shares in GHY closed flat at 12.1 cents on Sept 13.
