Blue HK invests in Beta Media

Startup Beta Media, which builds inexpensive cinemas in smaller cities and provinces in Vietnam, has signed an investment agreement with Blue HK, a financial group from Hong Kong.

Beta Media is valued at VND600 billion ($27.5 million) under the agreement. It previously received investment from Vietnam Investments Group (VIG), an investor in the Galaxy Cinema chain and Galaxy Studios as well as many food and beverage (F&B) brands.

VIG still holds its stake in Beta Media and Mr. Bui Quang Minh, founder and CEO of Beta Media, still holds more than 50 per cent.

Since 2015, with the launch of the Beta Cineplex in northern Thai Nguyen city, Beta Media has built and opened three other cinemas, in Bien Hoa city in southern Dong Nai province and two in My Dinh and Thanh Xuan districts in Hanoi.

It will open six cinema complexes this year, in northern Thanh Hoa and Bac Giang provinces, Dong Anh district in Hanoi, south-central Nha Trang city, Ho Chi Minh City, and Long Xuyen city in the Mekong Delta’s An Giang province, bringing its total number of cinemas to ten.

It has also officially entered into production and distribution of films. In its plan for 2017, it will produce five films and distribute 15 foreign films in the country.

Beta Media also is planning to invest in F&B models together with its cinemas, such as Foodfair, Boba City, and Barista.

Mr. Minh told local media that he decided to invest in the cinema business because Vietnam’s film market is growing and there is a lot of potential. Modern cinemas only focus on the high-end segment with high ticket prices compared to incomes in the country. “I have a great opportunity to create a new model that serves many types of customers, making going to the movies easier,” he said.

As at 2016, Vietnam’s cinema market was dominated by five major players, which held a market share of 98 per cent: CJ-CGV with 43 per cent, Lotte with 30 per cent, Platinum with 10 per cent, Galaxy with 9 per cent, and BHD with 6 per cent, according to report from KDB Daewoo, a South Korean securities company.

[Source: vneconomictimes 24th July 2017]