Beta Media has officially signed a contract to receive US$8 million from Japanese investment fund Daiwa PI Partners.
|Betacineplex has attracted more cinemagoers with cheap prices of VND50,000 per ticket (over US$2). — Photo betacineplex.vn|
With this agreement, Beta Media will open more cinemas in the coming years and develop the franchise model with a view to set up more cinemas in localities.
The first Beta Cinema in HCM City is going to open in October in Go Vap District with seven rooms accommodating about 1,000 seats.
"With this investment, we target 50 more cinemas in the nation in the next few years," said Bui Quang Minh, Chief Executive Officer of Beta Media.
"Plus, we will improve services in the cinema system. This is a chance for us to thrive in the low-cost cinema sector."
With this contract, Beta Media achieves an enterprise valuation of VND1 trillion (US$43.15 million).
In 2015, Beta Media received investment capital worth $2.5 million from Vietnam Investment Group (VIG), and two years later from Blue HK Financial Group (Hong Kong), with a valuation of VND600 billion.
Launched in 2014 by Minh, a Harvard-educated business graduate, Beta Media focuses on low-cost theatre for students and low-income people.
It has 12 cineplexes and nearly 60 cinema halls nationwide in seven provinces and cities such as Bac Giang, Thai Nguyen, Thanh Hoa and southern Khanh Hoa.
It is the only movie theatre franchise business in Vietnam. Currently, three cinema complexes are opened in southern provinces of Dong Nai and Ba Ria-Vung Tau.
Beta Media is also popular with film production including Tìm Vợ Cho Bà (Bride For Rent) and Kế Hoạch Đổi Chồng (Husband Swap).
The company has two projects making Mỹ Nhân Thần Sách (The Lady Book) which will be co-produced with Thailand GMM company and Lang Liêu (Legend of Chưng and Dày Cakes).
Lang Liêu is scheduled to premiere on the Lunar New Year. VNS
By now, everyone and anyone will have heard of COVID-19 and its terrible impact on society and the global economy.
Services and retail are forecast to attract a large amount of Japanese direct investment into Vietnam this year.