Business Overview

Business Overview

The Group divides its business into three main categories, consisting of 1) Core Business, 2) Related Business, and 3) Joint Venture Business, which are summarized as follows:

1. Core Business

The music business operates under the “Total Music Business” model, including artist selection, music production, marketing, music content management, music distribution in terms of physical and digital products, show business and artist management business.

1.1 Music Business

  • Physical Products

    Physical distribution of products includes DVD, MP3, USB, and MP3 formats as well as box-set albums. Sales and distribution are carried out through traditional trade channels, modern trade channels, and kiosks as well as e-commerce and the call center.
  • Digital Music Business

    Fast-developing technology together with changes in consumer behavior compels the music industry t0 find the best way to reach consumers and generate more revenue for the Company. The digital music business involves converting music content into a digital format for distribution through online music streaming platforms such as YouTube, iTunes, JOOX, Line TV or Spotify, where users can listen to music online, on-demand, or from playlists. Users may also download music for listening offline.
  • Rights Management Business

    Management and collection of copyrights fees from business operators who use the Company’s music for commercial purposes such as radio operators, restaurants and karaoke operators.

1.2 Show Business

Organized concerts and music festivals generate revenue in the form of tickets sales, sponsorships and event organizing fees. In 2019, the Company was very successful in organizing many concerts such as Bodyslam Fest, 2019 THE RETURN OF BBB #11 DREAM JOURNEY RESTAGE and Peck Palitchoke Concert #2: Love in Space, as well as music festivals including Nanglen Music Festival, What The Fest Music Festival and Big Mountain Music Festival, which captured the attention of audiences nationwide. Additionally, the Company also organized two new music festivals; Water War Music Fest and Chiang Yai Fest, to capture a separate market segment.

1.3 Artist Management Business

The Company has a policy to improve artist singing skills and acting skills with an emphasis on artist development to elevate to the real professional level. In this regard, the Company places importance on increasing income for artists in the form of live performances in pubs and bars, as well as other opportunities such as serving as product presenters, which leads to artists’ growing popularity over time.

1.4 Other Business

The Company also operates the space rental business for exhibitions, event activities and medium-sized concerts at GMM Live House, which is located on the 8th floor of Central World Department Store. Also, a music school called GR Vocal promotes the Company’s show business and artist management business while generating more revenue for the Company’s music business.

Industry Outlook

As a leader in the music business, the Company is determined to drive the industry to transition into a new era with the influence of digital media, enabling artists to reach worldwide audiences seamlessly by which their popularity could be clearly reflected. In 2019, the Company stressed the importance and focused on digital media, adapting our business model to support the growth of digital platforms in social media, video streaming platforms and music applications. In collaboration with various platform providers such as YouTube, Line TV, JOOX, and iTunes, etc. Through development of robust and quality content to provide for the interests and needs of target audience which is considered core of true content providers. As the trend of foreign artists gained popularity resulting in increased concert and music festivals organizers, the Company’s showbiz and artists management business continued to grow well, achieving phenomenal “tickets sold out” shows within short periods. In 2020, the Company’s main focus is on developing quality varied content transiting to digital platforms. Developing new generations of high-quality artists with increasing hit songs. Implementing strategies for showbiz to expand our consumer segment with numerous experiences for sustained growth in the music business.

2. Related Business

2.1 Home Shopping Business

The home shopping business concerns the 24-hour distribution of goods through program channel “O Shopping", where customers can choose and purchase products from their home. By creating a home shopping program that is fresh and unique under the concept "Be better, Everyday life”; the more you know O Shopping, the better everyday life.

Industry Outlook

In 2019, O Shopping succeeded in selling beauty products, especially to female customers. The home shopping market is valued at more than 14 billion baht. Home shopping industry still attracts more players despite slower growth rate than the previous year. There is still potential growth in Thailand's home shopping market. In 2020, O Shopping plans to expand its target consumers to a broader and younger base in response to consumer behavior, which has turned to buying products online. The Company believes that the overall business of home shopping will continue to grow and that the Company could maintain its existing customer base as well as acquiring a new customer base, even with higher competition in the market. The Company is aware of these factors and has prepared to confront rivals to retain sustainable growth as follows:

  • Creating exciting and reliable television content presented in formats that are easy to understand, which will induce consumers to purchase goods.
  • Building confidence in the purchase of goods and services, including providing services as advertised, guaranteeing product quality, efficient delivery systems, and secure payment systems.
  • An increasing variety of goods and emphasizing on popular products such as fashion goods, lifestyle goods and E-commerce goods offered to meet demand from consumers of all groups.
  • Developing online, internet sales channels and applications on smartphones and social media.

2.2 Movie Business

The movie business operates under GDH 559 Co., Ltd, a subsidiary of the Company. GDH559 aims to capitalize on its unique capabilities to produce a variety of high-quality films. GDH559 is well equipped in terms of production and personnel, comprising highly skilled teams to create outstanding films that bring about differentiation and happiness for movie watchers. Films released in 2019 include "Friend Zone” “Tootsies and the Fake” and “How to Ting”.

Industry Outlook

Consumer behavior has changed in the midst of this digital disruption, with rapid growth in digital platforms, more content creators have emerged. While consumers have more choices and more content are accessible; the overall movie industry continued to expand in the past year. As a result, from the expansion of movie theaters in other provinces making movies readily accessible to Thai audiences. Furthermore, with the emergence of many video streaming platforms, there are additional ways to reach movie viewers in Thailand and overseas. In 2019, industry trends anticipate growth in advertisement spending in theaters following more branches opening, especially in the provincial market. New film line-ups from leading operators will drive the Thai film market to expand further, with a positive viewpoint from the operator with respect to production and presentation in Thailand and overseas markets. Several internal and external factors contribute to the success of Thai movies, including:

  • Stories and scripts must be fresh and remarkable. Thorough research is needed to produce each story. The screenwriter must use effective writing skills and possess knowledge of movie language as well as conversational language so that the message is conveyed to the target audience in a relatable way.
  • Branding: Film producers and studios must ensure moviegoers of the quality in all the movies they produce and that their films always receive grand receptions and are successful.
  • Analyses are needed to truly understand target customers, determine the movie genre, and prepare proper scripts, actors and actresses, as well as the right public relations plans. These will help meet the demands of target customers.

2.3 Satellite TV Business

The satellite TV business can be divided into two main categories as follows:

  1. Satellite TV Platform

    Sales of Set-top boxes (STB) for Satellite TV and Digital TV, Internet Protocol Television, Music Box, MP3 Player, and Karaoke Microphone to support the Company's main business include the products below:

    • GMM Z STREAM is an internet protocol TV box with Android 7.1 operating system providing Ultra HD4K.
    • GMM Z HD WISE PLUS is a newer model enabling high-definition Full HD with PVR system, time shift system, and multiplicative media playing function.
    • GMM Z HD SMILE, the new look in white color comes with OTA system that adds a channel automatically, smart remote for simple use, and a newly-designed LED screen as well as simple button design.
    • GMM Z Music Box Chill Out is a new music box with more than 10,000 easy listening hits.
    • MP3 KARAOKE GMM Z STAR, free hit music from WE, Easy to connect with karaoke application. Applicable to both Android and iOS with 2-way speaker power and portable MP3 player.
  2. Satellite TV Media

    Content production of “Fan Music” and “Money Channel” will be aired on satellite TV channels. However, the Company discontinued broadcasting “Money Channel” from 1 January 2019 onwards.

Industry Outlook

The satellite TV platform remains the television medium that has the highest number of viewers in the country coupled with the NBTC’s must-carry regulations imposed on digital TV, companies and media agencies, which continue to use satellite TV platform as a medium to reach their target market more effectively. However, the satellite TV industry has slowed down since 2019 due to technological advancements in communications. Media consumption behavior has also shifted from traditional media to digital and online media, which results in more intense competition. While the economic recession and advertising spending has slowed, the operating results for the satellite TV business continues to decline. Especially in the past year, business operators have adapted and expanded to online channels as well as cooperating with strategic partners to sell content on other platforms. The direction is likely to remain stable. For the Group, the satellite television business has an essential role in supporting the public relations of the Group such as the music business, offering greater exposure across the country.

3. Joint Venture

At present, the Company operates its Digital TV Business under joint ventures (JV) in The One Enterprises Company Limited and GMM Channel Holding Company Limited (operates digital TV business, radio business and content creator business).

The One Enterprise Company Limited

Digital Terrestrial TV Business

The One Enterprise Company Limited operates a general category high-definition channel under "One 31". One31 aims to create high-quality content providing entertainment for mass audiences to become one of the top national television networks. One31 has a variety of program types including drama, variety program, competition, news, and entertainment news. In 2018, One31 had many popular dramas and programs in terms of response and ratings, for example "Sea of Greed” “ Man of Vengeance” “Rising Girl” “Melodies of Love” “ The Leaves” and programs such as "The Battle Project" "Top Chef Thailand" and "Roo Mai Krai Sode”.

GMM Channel Holding Company Limited

The company comprises Digital TV “GMM25” Channel, Radio Business and Content Creator Business as follows:

Digital Terrestrial TV Business

GMM25 is a general category channel with standard definition. The target audiences are young adults aged between 18-35 years old and Young-at-heart audiences aged 35 years old and older. In 2018, GMM25's popular drama and programs included "Mia Noi” “Rang Tien” and T variety program “Chae” “Club Friday Show” and “Look Tong Soo Fud”.

Radio Business

This business includes the production of content or programming to be broadcasted through FM radio, website and mobile applications. In 2018, there were three radio stations, each with unique characteristics and strengths to reach and respond to the needs of the target audiences. Also, the Group operates Show Business to promote its Radio Business. In 2018, there were concerts including “See Yak Pak Whan 2019” “Cassette Festival” “The Real Nadech Concert” “The Lyrics Of Love: Greatest Hits of Dee & Boyd” and “J ADRENALINE 360 CONCERT”.

Radio Station Day / Airtime / Network Coverage Concession
24 hours daily / Bangkok Metropolitan (FM 104.5 MHz) and online (, “Atime Online” application) The Royal Thai Army Radio Station
Green Wave
24 hours daily / Bangkok Metropolitan (FM 106.5 MHz) and online (, “Atime Online” application) The National Telecommunications Commission
Chill Online
24 hours daily / Online (, “Atime Online” application, “Chill Online” application) -


Content Creator Business

This business is the production of content such as prime-time drama, series and variety programs to be aired on Digital TV channels as well as online platform. The goal is to strengthen the digital TV business of the Group. In 2019, this business under GMM Channel Holding created significant content including “Sa Mee See Thong” “Rong Tao Naree” “The Sand Princess” “Endless Love” and variety programs such as “Toey Tiew Thai” and “School Rangers”.

Industry Outlook

The overall advertising expenditure for all media increased from 105,557 million baht in 2018 to 105,673 million baht in 2019, an increase of 0.11 % Y-o-Y, due to an increase in advertising expenditures on Cinema at 19.7%. On the other hand, advertising spending on Publishing, Newspaper, Satellite TV and Cable TV continued to decrease.

Source: AGB Nielsen Media Research (Thailand) Ltd.

Media Advertising Expenditures in 2019 is 105,673 million baht.

Source: AGB Nielsen Media Research (Thailand) Ltd.

The overall perspective of Digital TV remains unchanged, with advertising spending being allocated to digital TV media as it remains a strong medium penetrating into Thai households nationwide. In 2019, the Office of The National Broadcasting and Telecommunications Commission (NBTC) issued measures to assist digital TV operators by opening the opportunity for digital TV channels to return their licenses.

Thus, decreasing the number of digital TV operators to just 15 channels from the original 22 channels. Moreover, in 2020, it is expected that the total value of the advertising market will not change much. Due to economic conditions, business entrepreneurs may not be confident and might delay advertising spending budgets.

The Company has set the following strategic plan to create distinctive characteristics and promote digital TV channels to make them more widely known:

  • Focus on content that is outstanding, interesting and has variety since viewers select a program based on content. Interesting programming will create an impression on viewers and make them remember the channel. The Company will produce and develop high-quality content in the form of drama, news, variety, and game shows that offer a new choice for the audience.
  • Create broader audience awareness of digital TV under GMM 25 and One 31 Channel. The Company is planning a promotion through a variety of channels such as large advertising boards, online media, printed media and promotional activities at various locations and competitions, as well as running a campaign and participating in cross-marketing activities with partners to expand the digital TV audience base by engaging partnership clientele.

The Company intends to establish both digital TV channels as leaders in the Thai digital TV industry to be strong and have high quality.