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Japanese and Koreans show how it's done
WORANUJ MANEERUNGSEE AND BAMRUNG AMNATCHAROENRIT
After failing in attempts over the past decade to gain a foothold in the Chinese market, GMM Grammy Plc, the country's largest entertainment company, will target the country again next year, according to chairman Paiboon Damrongchaitham.
Mr Paiboon emphasised that business expansion in overseas markets, particularly China, would be Grammy's focus in 2009, along with broadcasting through satellite television.
Success in the Chinese market of 1.3 billion, he said, could make Grammy a fortune from physical products as well as digital music downloads.
Grammy struggled on the Chinese mainland for years because of a flawed business model, he admitted.
It established the subsidiary GMM 8866 in Taiwan many years ago. It aimed to create a business platform by itself, including searching for local talent, but the unit was shut down two years ago.
This time, Mr Paiboon said the company would re-enter the market with partners. It also plans to use Thai artists rather than local talent to sing Chinese songs. The cost of the new business model should be reasonable.
"We brought back the business model from abroad last year. We have learned from Japan and South Korea, whose artists are very successful in other countries through their cross-cultural schemes," he said.
Mr Paiboon, who is celebrating the silver anniversary of Grammy this year, has had discussions with an undisclosed business partner with a media platform in greater China. This would enable Grammy to promote Thai music there.
Though Grammy's artists are talented, Mr Paiboon admitted they were still far from the quality of Japanese and South Korean artists. These singers are professional, taking their singing careers seriously. Their parents understand that fact and support them.
"For example, the Japanese and South Koreans are disciplined in practising. They dance seriously and sing seriously. But our artists bunk off the classes," said Mr Paiboon.
Marketable Grammy talents in China are the duo Golf & Mike, Ruengsak "James" Loychusak and Sukrit Wisetkaew, better known as Bie The Star.
In broadcasting, Mr Paiboon said satellite TV was the latest piece in its entertainment jigsaw. It will invest 500 million baht in five satellite channels. Fan TV, a Thai country music channel, was launched recently. Within three or four months, it plans to launch another four named Bang, Green, Acts and Bird.
Grammy had longed to enter broadcasting for a decade, but could not do so under the prevailing legislation. The enforcement of the 2008 Broadcasting Act, liberalising the satellite TV business, has enabled Grammy to fulfill its dream.
The company had a consolidated net profit 312.7 million baht in the first six months of the year, growth of 75% year-on-year from 176.7 million baht.
Sister company GMM Media Plc, which has merged with its parent company and will be delisted from the Stock Exchange of Thailand by the end of this year, reported total revenues of 1.84 billion baht and a net profit of 163.79 million baht in the first half.
Grammy shares closed on Friday on the SET at 13.10 baht, down 10 satang.
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