The pay TV market in Vietnam is set for a major shift as K+ officially announces it will cease broadcasting operations starting January 1, 2026, after 16 years of presence. Industry sources suggest FPT Telecom is poised to take over the Premier League (EPL) broadcast rights.

EPL-centered strategy ends with K+ exit

K+ built its brand around the Premier League, using EPL broadcasting rights as its core strategy to attract subscribers. But the broadcaster has now informed partners via email of its closure and requested settlement of existing contracts linked to EPL package sales.

“We received an email from K+ confirming their shutdown. There aren’t many EPL subscribers left, and we’ve already notified them about the discontinuation of the service from January 1, 2026. For those who prepaid, we are offering alternative channels,” said a representative of a pay TV provider.

The shutdown is no longer rumor or restructuring - it is the end of an era for premium sports broadcasting in Vietnam.

Canal+, K+’s major shareholder from France, has long expressed concerns about unfavorable business conditions in Asia, particularly Vietnam, where prolonged losses became unsustainable.

Despite annual revenues of around 1,000 to 1,200 billion VND (approximately 41 to 50 million USD), the company recorded annual losses in the hundreds of billions, with cumulative losses nearing 5,500 billion VND (roughly 225 million USD) by mid-2025. Its equity capital had long fallen into the red.

This level of loss, in a market with low consumer spending and rampant piracy, made continued operations financially impossible.

A failed model in the OTT and piracy era

In its early days, when IPTV and OTT were nascent and illegal streaming hadn’t exploded, K+’s EPL exclusivity gave it a major edge - football fans had no choice but to subscribe.

But the game changed rapidly. OTT platforms like MyTV, FPT Play, TV360, and VieON disrupted viewing habits across Vietnam.

On the other end, illegal streaming websites flourished. With just a smartphone, users could watch most matches for free, regardless of legality or quality.

With marginal differences in viewing experience, many fans chose not to pay. This reality slowly eroded the value of K+’s exclusivity.

Caught in a vice between rising EPL licensing costs and diminishing ability to recoup investments, K+ had to raise subscription fees and expand distribution through cable, IPTV, and OTT partnerships - but this still couldn’t offset its losses.

Eventually, the decision to shut down was inevitable - a strategic model that once worked could not keep up with the digital transition and shifting consumer behavior.

FPT Telecom rises as a potential EPL successor

The biggest question now is: who will broadcast the EPL in Vietnam? Beyond being a football league, the EPL is a strategic content asset with the power to reshape the entire pay TV structure.

Sources indicate that FPT Telecom is the leading candidate to take over EPL broadcasting rights starting January 1, 2026.

Strategically, this would signal a shift from satellite broadcasters to telecom-OTT platforms, where content is tied to infrastructure.

Instead of standalone TV packages, the EPL could become the “hook” for bundled offerings that include fiber-optic internet, FPT Play, and premium sports packages.

From a business perspective, the EPL would help FPT Telecom strengthen its competitiveness in internet and pay TV, and increase customer retention - especially as the cost of acquiring new users rises.

A turning point for Vietnam’s pay TV ecosystem

Zooming out, K+’s exit and the potential handover of EPL rights to FPT Telecom could spark a broader restructuring of Vietnam’s sports broadcasting market.

First, it ends the era of “one giant, one league.” K+’s exclusive control over the EPL created a market structure overly centered on a single asset.

Now, OTT and telecom platforms may pursue more collaborative models - diversifying content and reducing dependency on one flagship event.

Second, it forces remaining players to upgrade their digital capabilities. If FPT Telecom uses the EPL as its spearhead in OTT, others must improve streaming infrastructure, user experience, pricing strategies, and customer service - or risk falling behind.

Third, it opens the door for policy reform in digital copyright. The K+ case proves that businesses alone cannot combat piracy. Moving forward, EPL rights could become a “test case” for closer cooperation between regulators, broadcasters, and tech platforms in enforcing copyright laws online.

The end of K+ and a new beginning

The official end of K+ on January 1, 2026, marks the closure of a 16-year journey tied closely to the EPL and Vietnam’s sports broadcasting history.

But it also signals the beginning of a new chapter - one where the central question is no longer “Who owns what channel?” but rather “Who can build the most compelling digital ecosystem that users are willing to pay for?”

K+ leaves the stage under pressure from massive accumulated losses, a sluggish digital transformation, and uncontrollable piracy.

The future of pay TV and sports content in Vietnam now rests in new hands.

Whether the next player writes a success story - or simply becomes another K+ in the making - remains to be seen.

Thai Khang