Letter from the Chairman and Group CEO
2021 was another year that the Company faced the COVID-19 crisis which impacted and limited the growth of the global economy. Measures to prevent the spread of the COVID-19 virus created social changes both locally and abroad and reflected in changes in consumer behavior. The agility to adapt and cope with the situation in order to maintain competitiveness and create new business opportunities is the key to propelling the organization sustainably.
The Company has always emphasized the health and safety of employees and our stakeholders. Therefore, certain restrictions and adjustments to the business model must be made. In addition, the Company also procured vaccines to prevent COVID-19 virus infections for all employees. This is to ensure safety, boost spirit and morale, and strengthen the employees’ trust in the Company.
The Company still maintains its leadership in the music business and content production for various media and has never stopped adapting and expanding channels to generate more income to strengthen the business. We also adapted, expanded, and developed our business in response to the ever-changing market in the digital era. Through cooperation with various business partners to enhance the Company’s business structure, we are able to become more robust and sustainable. As for the music business, our core business, the Company has implemented strategies that respond to the current situations. Even though this year, the Company’s concerts and festivals could not be held, the digital music business continues to grow well and remains the top driver of the total revenue.
In terms of joint ventures business investment this year, The One Enterprise Public Company Limited or ONEE, which operates a content production business, has been listed on the Stock Exchange of Thailand, launching its IPO in the past November. Furthermore, the Company has co-invested with YG Entertainment Inc., the leader in producing idol artists from Korea to create world-class quality idol artists in the future under YGMM Company Limited. Moreover, to expand the Home Shopping Business through the Media Commerce model the Company has co-invested with Rojukiss International Public Company Limited under O2 Kiss Company Limited. The Company is confident that this co-operation will help promote and strengthen the existing business and produce good operating results in the future.
As for the movie business, it was able to recover from the COVID-19 pandemic situation. And rebounded to earn box office again from the movie “MEDIUM” (Rang Song). A joint venture between Thailand - South Korea, which has received favorable responses from both domestic and international audiences, along with revenues from streaming media remains at a good level. Home shopping business was also affected by the pandemic situation but still maintains a good customer base by expanding distribution channels with an opportunity to return to strong growth in the near future visible. In addition to our focus on new business opportunities and strategy execution, people development is also our priority. We believe in building people’s 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 the ‘Five Stars’ rating, the highest-ranking of the listed company’s corporate governance, an award from the Thai Institute of Directors (IOD) for the eleventh consecutive year. With all actions the Company has taken, we aim to be able to enhance value and deliver a 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.