South Korean public broadcasting service KBS said it fears a deficit of 340 billion won in 2024 due to separate collection of TV license fees and a decline in advertising, and said it will take steps to cut costs, including a wage freeze and special honorary retirements. "Assuming a 30 percent deficit in license fee income, the deficit will reach 262.7 billion won next year, and considering that this year's deficit is about 80.2 billion won, the expected deficit in 2024 is about 304 billion won," the company explained in a special bulletin published the previous day, according to KBS on Friday.  KBS said that in the four months since the license fee separation collection was implemented in June this year, its fee income fell by 19.7 billion won compared to last year.

KBS isn't the only Tv Network facing tough times in Asia.

Hong Kong's number one private terrestrial broadcaster, Television Broadcasts (TVB), has announced 300 layoffs, or 8% of its workforce. The cuts come as a shock to Asia's leading terrestrial broadcaster. TVB was very popular in the 80s and 90s for its Hong Kong-style martial arts dramas. Many people in Korea remember TVB's martial arts dramas, which were established through 서진통상(Seojin Tongsang), such as the Chow Yun-fat’s ‘The Bund’

The crises at KBS and TVB are of a different nature. The causes are different, but the path to the crisis is similar. It is heading towards a scenario of impoverishment for broadcasters who fail to read the zeitgeist. KBS's dramas and entertainment programs are popular with the masses, but they lack appeal for 20-somethings. Of course, TVB and KBS can and have done a lot to survive and thrive, but if layoffs and deficit financing are the bottom line, They need to start thinking "all the way back to zero ground”. Terrestrial and public broadcasters need a flexible strategy