ETMall (Eastern Home Shopping & Leisure)
Taiwan TV and online shopping retailer losing ground on both screens.
On the record
Checkpoint: Outcome of Chairman Gary Wang's Ko Wen-je bribery case hearings
The call
ETMall is cutting staff and shutting units while momo and Shopee's AI-run platforms keep taking the shoppers it used to have.
ETMall sells products through cable TV and a website, but both channels are shrinking: its TV audience fell from 5.2 million to 4.4 million homes, and online sales dropped 58% between 2021 and 2023. Rivals momo and Shopee are winning customers because they use algorithms to show people what they want, offer live video shopping, and use robots to pack orders faster and cheaper than ETMall does. The company has not adopted any of these technologies. The one thing that could change everything: whether the company's recent cost-cutting in late 2024, including 200 job cuts and closing the fresh food division, actually stops the revenue decline or just slows it down while the company keeps falling behind.
Why
01
AI pressure: Shopee Live and TikTok Shop algorithmic recommendation and live commerce. Shopee and TikTok Shop already run AI-driven feeds and live selling that ETMall's cable and site have never built. Could AI do the core job? Yes, likely.
02
Bigger players: momo (Fubon-backed) and Shopee. momo posts NT$103B+ revenue and keeps growing while ETMall's online sales fell 58% and it sits last in usage at 12%. Could a giant copy it? Yes, easily.
03
What protects it. A cable TV shopping channel and a physical mall (Taipei Main Station) still pulling in older shoppers and foot traffic.
What would change this call
ETMall's 2025-2026 online/TV-shopping revenue either stabilizes or keeps declining year over year. Shows whether the December 2024 layoffs and unit closures actually stopped the customer bleed.
Outcome of Chairman Gary Wang's bribery case tied to the Ko Wen-je investigation. A conviction or prolonged scandal could further damage parent leadership and brand trust.
Whether Taipei Main Station mall reports a profitable quarter despite reported 345% sales growth. Would show if ETMall's offline pivot can offset online and TV shopping losses.
Outcome of Chairman Gary Wang's bribery case tied to the Ko Wen-je investigation. A conviction or prolonged scandal could further damage parent leadership and brand trust.
Whether Taipei Main Station mall reports a profitable quarter despite reported 345% sales growth. Would show if ETMall's offline pivot can offset online and TV shopping losses.
Key numbers
- Online platform sales down 58% (NT$5.9B) 2021-2023
- TV shopping cable households fell 5.2M to under 4.4M
- momo 2022 revenue NT$103.4B vs ETMall's shrinking base
Named risks
- Structural decline of cable TV subscriber base undermines core TV shopping revenue.
- No AI or automation adoption while rivals deploy robotics and algorithmic commerce.
- Chairman Gary Wang's involvement in Ko Wen-je bribery case creates reputational exposure.
- Rising wage, power, and interest costs (NT$130M added) may force further restructuring.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| momo | losing to | momo posted NT$9.82B monthly revenue, +9.3% MoM, as of 2026-06-30, vs ETMall's shrinking revenue |
| Shopee | losing to | Shopee used by 61% of consumers vs ETMall's 12% in 2022-05 survey |
| PChome | losing to | PChome at 43% consumer usage vs ETMall's 12% as of 2022-05 |
| Yahoo Taiwan | losing to | Yahoo at 23% usage vs ETMall's 12% as of 2022-05 |
Questions people ask
- Is ETMall profitable in 2026?
- Parent Eastern Media Group said it remained profitable overall as of December 2024, but ETMall itself saw online platform sales fall 58% (NT$5.9B) from 2021 to 2023 and TV shopping revenue drop 20% to NT$6.5B, prompting 200 layoffs announced 2024-12-04.
- Who owns ETMall?
- ETMall (Eastern Home Shopping & Leisure) is a subsidiary of Eastern Media Group, chaired by Gary Wang, who also holds a 21.5% stake in Eastern Broadcasting Co as of 2017-10-05.
- Is momo or Shopee ETMall's biggest competitor?
- Both outpace ETMall: momo posted NT$9.82B monthly revenue (+9.3% MoM) in June 2026, and a 2022 survey found Shopee used by 61% of Taiwanese shoppers versus ETMall's 12%, the lowest of five major platforms.
- Is it safe to take a job at ETMall right now?
- ETMall cut 200 jobs across e-commerce and TV shopping by end of 2024, shut its fresh-food delivery unit, and killed its Ponta loyalty program, citing NT$130M in added operating costs, per a 2024-12-04 report.
- Could AI replace ETMall's shopping hosts and merchandising?
- No evidence shows ETMall deploying AI in merchandising, service, or logistics as of 2026-07-31, while rival momo uses autonomous mobile robots that cut manual warehouse lifting by up to 60% as of 2025-12-18.
- Is ETMall's TV home shopping channel shrinking?
- Yes: cable subscribers to ETMall's TV shopping channels fell from a peak of 5.2 million households to below 4.4 million by 2024-12-04, alongside a 20% revenue drop to NT$6.5B from 2021 to 2023.
Timeline
- 2025-07-17Chairman Gary Wang named in testimony in Ko Wen-je Taipei bribery case
- 2024-12-04ETMall cuts 200 jobs, closes fresh-food unit, ends Ponta loyalty program
- 2024-10-31Taipei Main Station mall sales grow 345% over prior 12 months
- 2022-05Survey shows ETMall at 12% consumer usage, lowest of five major platforms
- 2020-01-13December 2019 monthly sales hit 10-year high of NT$1.96B
- 2019-08-23NCC rejects EHS bid for three new MOD-based shopping channels
- 2018-01-24EHS targets 20% revenue growth to NT$16B for 2018
- 2008-11-27ETMall receives NT$5B syndicated financing from Transpac Capital
Revision history
26 July 2026
First assessed. Little protection left. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- ETMall to cut e-commerce, TV shopping workforce by 200 (2024-12-04)
- ビジネス短信 (JETRO) (2022-05-01)
- 富邦媒(8454.TW) 財務報表 (2026-07-24)
- Company Profile (2025-12-18)
- Taiwan court probes former Taipei mayor in bribery case (2025-07-17)
- EHS eyes growth of 20 percent on back of Assuran venture (2018-01-24)
- EHS vows appeal after NCC rejects new channels (2019-08-23)
- Online retailers report record revenues thanks to Double 12 shopping festival (2020-01-13)
- EHS unfazed by failure of TOP talks (2017-10-05)
- NT$5bn in Transpac cash boosts shopping network (2008-11-27)