Thai idol group BNK48 is ready to go abroad this year, following plans by media giant Plan B Media and BNK48 Office, the company that manages the girl group, to synergise their out-of-home (OOH) businesses.
Plan B Media is diversifying into the content business through a 182-million-baht investment to acquire a 35% stake in BNK48 Office. The majority shareholder is still Jirath Pavaravadhana, chief executive of BNK48 Office, who holds 55%. The remaining 10% is held by AKS, a Japanese talent agency managing idol group AKB48.
The partnership started at the War Elephant project in March, where BNK48 performed as cheerleaders for the national team when they defended the King's Cup.
Both BNK48 Office and Plan B are looking to grow their OOH advertising business via the engagement market.
"The War Elephant project was very successful in terms of ratings and audience, with over 30,000 people coming," said Plan B Media chief executive Palin Lojanagosin.
Mr Palin said the OOH market is growing, with its total value at 10 billion baht. But as Plan B has secured 35-40% of the market, further growth through outdoor billboards and advertising is not a viable option.
"We have to change our mindset because the business landscape [is changing]. A communication channel to connect with consumers and audiences by utilising sport, music, e-sport, cartoons and other content is needed," he said.
The investment by Plan B in BNK48 Office is intended to drive talent and content management.
In the short term this model is absolutely promising, said Mr Palin, though the long term is less certain.
"We believe in sustainability," he said.
Mr Jirath said Thailand is home to the third international sister group of Japan's AKB48, after Indonesia's JKT48 and China's SNH48.
Taipei48, Manila48 and Mumbai48 are planned for this year.
They are the region's largest idol group network, operating under the slogan: "idol you can meet".
Revenue for BNK48 is equally divided among digital content (live and mobile application downloads), ticketing (for concerts and plays), merchandising (CDs and souvenirs) and sponsorship.
The company expects revenue from sponsorships will continue growing.
"BNK48 is about pop culture. We are working in talent management and content management, and we can develop further," said Mr Jirath.
Plan B intends to work with the BNK48 Office network to deliver Thai content to foreign markets, he said.
The company is reorganising its internal structure, and plans to set up a company in Hong Kong, said Mr Jirath.
He said funding raised from this partnership will be used for further expansion abroad.
This partnership will allow the company to create two major features: an upgraded work environment for the girl group and expanded business opportunities, especially in terms of online and offline content.
BNK48 Office has been collaborating with Workpoint TV on several TV programmes and GTH on drama and documentary films, which are scheduled to debut in August.
Six TV programmes and films are planned for this year.
Mr Jirath said the company's roadmap going forward will cover content development, both online and offline, augmented reality, virtual reality, mobile games and applications to help users connect with BNK48 members.