KUALA LUMPUR: Media Prima Bhd, Malaysia’s leading fully-integrated media group, seeks to grow its digital and non-traditional revenue streams through strategic business initiatives launched in 2016 and early this year.
Group chairman Datuk Seri FD Iskandar said it had initiated key initiatives last year to enable new revenue streams while consolidating its market share in the core advertising revenue.
“The group had in 2016 launched a number of key ventures that are ‘business to consumers’ in nature such as our home shopping platform, CJ Wow Shop, the revamped online video streaming subscription service, tonton, mobile gaming and digital lifestyle applications for mobile users.
“More recently, the group had also announced the acquisition of REV Asia Holdings Sdn Bhd which significantly strengthens Media Prima’s digital reach to derive revenue from the growth in digital advertising,” he said in a statement.
Group managing director Datuk Seri Amrin Awaluddin said while it recognised the tough operating environment’s impact on its performance, Media Prima will evolve from a traditional media group into one that is digital first with diversified revenue streams via a transformation initiative that is already underway.
Media Prima plans to derive additional revenue streams by expanding its market base into regional markets via the group’s television, content production and out-of-home businesses, he added.
The group recorded RM272.2 million revenue and RM41.4 million net loss for the first quarter ended March 31, 2017.