Letter from the Chairman and Group CEO
2020 was a challenging year with COVID-19 pandemic impacting the economy severely and shifting consumer behavior to the “New Normal”. Our customers and employees’ safety has always been our top priority which led us to limit and adjust some of our operations in order to ensure our commitment to our customers and employees. We have proven our resilience and remain the leader in music and media content production industry. Not only we maintained our position, but we have also grown our business by evolving ourselves, expanding into new businesses and strengthening the business structure in the digital transformation era. With our relentless effort and the support of various strategic partners, we were able to reinvent the company and become stronger and leaner. Despite the limitation in organizing concerts and events due to the social distancing policy and other preventive measures, we were able to grow music, our core business, through digital music.
In terms of Joint Venture investment, the performance has improved significantly. This is mainly driven by the investment and operations restructuring that we have executed in 2020 in order to achieve optimal collaboration and efficient operations for the best interest of all stakeholders. One of the key actions was to have The One Enterprises Company Limited as the only joint venture company operating our content businesses with a focus on broadcasting via digital TV channel.
Our Movie business was also impacted by the COVID-19 crisis. However, we have expanded our audience base and income channels by partnering with various streaming platforms. Our aspiration in producing high-quality and outstanding contents remains unchanged. Amidst the pandemic, our Home-Shopping business was able to maintain its customer base and expand into the new sales channels. Sharp growth is expected in the near future.
In addition to our focus on new business opportunities and strategy execution, people development is also our priority. We believe in building people capabilities and developing top talents are the core of our business especially in the digital era where trends are shifting constantly. We are committed to good corporate governance and sustainable development. It has been our great honor to receive ‘Five Stars’ rating, the highest ranking of listed-company’s corporate governance, award from the Thai Institute of Directors (IOD) for the tenth consecutive years. With all actions the company has taken, we aim to be able to enhance value and deliver sustainable return to our shareholders in the immediate future.
On behalf of the Board of Directors, we would like to express our gratitude to our stakeholders; shareholders, customers, business partners, financial institutions, government agencies, media agencies, artists, executives and all employees, for all the support and contribution that had helped to strengthen us and make us strive in our effort in creating quality content and services for the long-term value of our shareholders and in being the heart of the media and entertainment industry of the nation and the society.