SET-listed RS Plc vows to revitalise its music business and diversify to tap into the 40-billion-baht pet food industry this year.
Chief executive Surachai Chetchotisak said RS will beef up its three music houses -- Rsiam, Kamikaze and Rose Sound -- by launching new singers under the three labels in October.
Selected singers will embody clear characters and lifestyles in order to serve a new business model dubbed "entertainmerce".
"We don't build them to be just singers, but also business people," Mr Surachai said. "They will be allowed to create products under their own brands and sell them via the star commerce model."
He cited, for instance, cosmetics products that could be co-developed with celebrities to attract followers under the star commerce model.
This model was initiated by Baitoey Rsiam, starting with colour palette and lipsticks.
In light of technology disruption, sales in RS's music business contributes just 5% of total sales, down sharply from 95% in previous years, Mr Surachai said.
Under its business revamp plan, the company aims to recoup sales of RS's music business next year.
The company will build up its radio business, which is viewed as a sunset industry, and launch a functional ready-to-drink range including birds' nest beverage, fruit juices and herbal extracts to suit the modern lifestyle.
The functional ready-to-drink products will be sold via RS Mall and expand to other online channels, modern trade like convenience stores, drug stores and direct sales.
A meal replacement product is also in the pipeline, along with a foray into a 40-billion-baht pet food industry that sees strong growth of 10% a year, Mr Surachai said.
In a related development, RS on Tuesday announced its official rebranding with a new identity and the motto "Passion to Win".
Under the rebranding scheme, the company will not only change its logo, but also reorganise its structure with flexible principles that focus on teamwork and cut out unnecessary steps for faster and on-point communication.
RS currently has two core businesses: commerce (RS Mall and Lifestar) and media and entertainment (Channel 8, Coolism, the operator of Cool Fahrenheit radio and RS Music).
Revenue at RS Group is expected to reach 4.2-4.3 billion baht this year, down from 5 billion baht in an earlier projection because of the Covid-19 crisis.
Some 65% of revenue will come from commercial business, 20-25% from TV, 10% from radio and 5% from music.
RS shares closed on Tuesday on the Stock Exchange of Thailand at 18.20 baht, up 40 satang, in trade worth 88.6 million baht.