Hui said the company would significantly adjust programme production budgets, while shows that failed to reach expected viewership levels and financial returns would be axed.
The company would also cut back on outsourcing production work and rely on in-house staff to complete projects to the same quality and at a reasonable cost, he added.
The cost-saving measures are expected to reduce TVB’s annual cash operating expenses by HK$260 million.
“This has been a difficult decision for the company, but as a responsible management team, we must uphold our duties and guide funds towards the most effective areas of development in a challenging risk management environment,” Hui said.
TVB made a net loss of HK$224 million during the first half of 2022, narrowing its losses by 21 per cent from the previous year.
The broadcaster earlier this month launched its Taobao Live plan to “grab a cake in the huge live-streaming e-commerce industry in mainland China”, with the company inviting its stars to use its live-streaming room for at least 48 shows this year.