Ricky Wong's HKTV, one of the famed TV networks in Hong Kong, lost an estimated $1 billion HKD in the past three years according to the financial reports the previous week.

The previous week, the financial report concerning HKTV was released, revealing that the company lost an amount of $237 million HKD in just a span of one year and four months, ending on December of 2014. It was further revealed that the company lost a total of $1 billion HKD in three years.

Like Us on Facebook

According to media reports, HKTV applied for a free-to-air service license in Hong Kong however, the license is said to have been rejected by the government back in October 2013. After being rejected, the company continued with broadcasting its programs and also made use of an internet platform to air its programs, which was deemed 'over- the-top'. HKTV was then officially launched last year in November.

 Wong expressed his wish for the network to be able to challenge TVB's monopoly of the Hong Kong TV market, but despite getting positive reception from netizens at first, viewer ratings decreased just months after the launch.

According to media outlets, due to the decline in viewer ratings, the company has to temporarily halt drama productions.

Furthermore, it was reported that the company's income generally relies on commercial airings, the fees from the license approvals for the overseas airing of their programs and the network's online shopping portal.

Back in 2011, the broadcasting company also acquired a piece of land at the Tseung Kwan O area in Hong Kong which is only a few miles from the TVB's TV City Studios. The network initially announced that the land will be used to build a production studio for its TV dramas. However, reports say that the area remains untouched until now.

TagsHKTV, Ricky Wong, TVB