When Thailand’s biggest newspaper, <i>Thai Rath</i>, starts to spread its wings, all eyes stop and stare. And this time, the spotlight is shining directly on Vachara Vacharaphol, the third generation of the best-selling sheet’s empire.
'Thairath TV is my brainchild, and I’m putting all my effort into seeing it succeed,' says Vachara Vacharaphol. (Photo by Kosol Nakachol)
Carrying a torch passed down from his predecessors, the 34-year-old boss of Triple V Broadcast, the group’s broadcasting arm, admits it’s hardly a walk in the park. For the oldest son of Yingluck Vacharaphol, the second generation and heiress to the Thai Rath family, the responsibilities of keeping up with the media’s fast-changing trends are huge and hard. But the chief executive assures he will make it.
“My blood is green,” Mr Vachara firmly says, referring to the group’s corporate colour. “I intend to live my grandfather’s dream. This is the newspaper he built. We are all here today because of him.”
It was 64 years ago that Mr Vachara’s late grandfather Kamphol Vacharaphol founded Thai Rath newspaper before handing it off to his three offspring: Yingluck, Intira and Saravut.
Mr Saravut is in charge of the newspaper’s editorial department, while Mrs Yingluck takes care of the rest.
The group’s initial registered capital of 1 million baht has grown to 4 billion. Net assets stand at 16.3 billion baht, and net profit for 2012 reached 1.88 billion, up by 34% from 2011.
It was seven years ago that Mr Vachara, aka Junior, joined the company after graduating with a Bachelor of Science in business administration from Hofstra University in New York. He stepped in with a solid will to “digitalise” the 60-year-old paper.
“We’ve seen a global trend that the newspaper today is a sunset business,” Mr Vachara explains. “But Thai Rath is fortunate in that the impact is still minimal. Yet we’ve seen examples, particularly in the US, so we need to change.”
In a neat black suit with his hair tied back, Mr Vachara recounts how he originally set up an online unit responsible for all online and digital media platforms. Several years ago, the company launched its website and SMS news service before moving on to other venues such as tablets and social media.
The latest and boldest move in the company’s history is the decision to enter broadcasting through digital TV. Last December the group joined the country’s first digital TV auction and won a high-definition variety channel. With a total investment of as much as 6 billion baht, the burden definitely falls on Mr Vachara’s shoulders.
“I of course feel huge pressure, as Thairath TV is our biggest investment in 60 years, and we hope to break even within seven years,” he says.
Of the overall investment, 3.36 billion baht will go to the channel’s licence fee for a 15-year term, with 1 billion for content, 1.38 billion for broadcasting equipment and studio set-up and 120 million for marketing.
The enormous size of the project demanded the company begin its preparations two years ago, with 410 staff employed by Triple V Broadcast Co.
The official launch of the channel on April 23 was well received, while some shows have earned praise and offer the promise of fresh momentum and content in the often stale TV industry.
“Thairath TV is my brainchild, and I’m putting all my effort into seeing it succeed,” Mr Vachara says.
And to succeed, the channel’s identity matters.
Amid 24 digital channels plus the existing analogue free channels, Thairath TV has to stand out from the rest.
“To do so we have to be ‘different’ so that viewers can remember us clearly and strongly. Eventually we intend to be one of the top five channels in viewers’ minds,” Mr Vachara stresses.
Thairath TV’s positioning is built around the think-outside-the-box concept. Half the content will be news and news-related programming, while the other half will be entertainment. Plans call for launching soap operas by mid-2015.
Mr Vachara says the company recently conducted a survey to understand its strengths, and the results have shaped its direction.
“We know the core strength [of the daily newspaper] is the ability to digest news and present it easily and interestingly to all levels of readers, from janitor to ministers,” he says. “So we’re making use of these long-accumulated skills within our TV department.”
While some of the shows derive from the newspaper’s content, stories are retold and presented differently, with useful information added to educate audience. Even with news programmes, Thairath TV intends to not only report news but also explain what it means and why. Crime shows come with safety advice for audience. Another key strategy is to use well-known actors and actresses as hosts.
“It’s going to be difficult for us to compete with those existing successful predecessors [analogue free TV channels], so we intend to differentiate ourselves and offer viewers a brand-new choice,” Mr Vachara says.
On the same day as Thairath TV’s launch, the company introduced the Thairath.tv website for viewers seeking reruns. The fourth quarter will bring an interactive application to let the audience interact directly while watching shows.
Mr Vachara admits he is now a TV addict, spending most of his days watching all his programmes and seeking ways to improve them. Along with their strengths, he accepts that the weaknesses of some programmes are inevitable.
“We lack knowledge in TV production, and we’ve realised that. So we’ve recruited many experienced and talented specialists to work on it,” he says.
The company teamed with several content producers including JSL Global Media, Polyplus Entertainment, TV Thunder, Kantana Group, Luck 666, Siamsport and the publishing company Day Poets. Other partners include The Weather Company to provide forecasts and Dolby to improve sound quality.
If things pan out as planned, Mr Vachara expects revenue of 2-3 billion baht from the sixth year of operations. Though ad rates are not finalised, they are predicted to be half those of free analogue TV.
The goal is for the TV business to one day become a core revenue generator for the group. Mr Vachara vows to do anything it takes to achieve that goal, “even if I have to live and breathe Thairath”, he said.