According to industry sources, TVAD - the advertising arm of VTV - is offering to sublicense the rights at around VND100 billion (US$4 million) per broadcaster, a figure that is prompting careful reconsideration across the industry.

VTV takes the lead in rights acquisition

VTV’s role as the sole rights holder for the World Cup in Vietnam marks a notable shift in market approach.

Unlike previous tournaments, where multiple broadcasters competed and drove prices higher, VTV acted as a central negotiator. The rights can then be redistributed to other platforms if needed.

Sources indicate that the total cost of acquiring the World Cup 2026 rights is comparable to the 2022 edition, previously reported at around US$15 million. While still substantial, the centralised negotiation model is seen as more manageable.

The deal continues to be supported by major corporations such as Vingroup, Techcombank, and VPBank, highlighting the importance of socialised funding in bringing global sporting events to Vietnamese audiences.

However, securing the rights is only the first step. The real challenge lies in monetisation.

VND100 billion resale price creates a bottleneck

The most contentious issue now is not the purchase price from FIFA, but the domestic resale cost.

TVAD’s proposed fee of VND100 billion (US$4 million) per pay-TV operator is reportedly about double the cost seen during the 2022 World Cup cycle.

For pay-TV providers, this presents a difficult equation.

First, match schedules in North America mean most games will be broadcast between 2am and 11am Vietnam time - a time slot that typically draws limited viewership, reducing advertising value.

Second, advertising budgets are increasingly shifting toward digital platforms, weakening traditional television revenue streams. As a result, broadcasters find it harder to offset the high cost of rights acquisition.

In this context, investing VND100 billion in sublicensing becomes a high-risk decision. Many operators believe the likelihood of recovering costs is low, with losses almost certain.

The pricing has therefore emerged as a critical bottleneck that could determine how widely the World Cup is distributed.

Sports media rights enter a more challenging phase

If pay-TV operators opt out, a notable scenario could unfold: VTV becoming the near-exclusive broadcaster of the World Cup 2026 in Vietnam.

Such a situation would be unprecedented in recent tournaments, where rights were typically shared across multiple platforms.

From the audience’s perspective, VTV’s free, multi-platform coverage - across television, internet, and mobile - would still ensure access. However, the absence of pay-TV participation could narrow the content distribution ecosystem.

More broadly, the situation reflects mounting pressure on Vietnam’s sports media rights model.

Acquisition costs remain high, while monetisation opportunities are increasingly constrained. As television advertising weakens and viewer behaviour shifts, major events like the World Cup are gradually evolving from profit opportunities into complex financial balancing acts.

With 48 teams and 104 matches, the 2026 edition will be the largest World Cup in history. It may also prove to be one of the most challenging for Vietnamese broadcasters.

VTV’s centralised acquisition strategy helps stabilise the market and avoids bidding wars. Yet the VND100 billion resale price set by TVAD is forcing pay-TV operators to rethink their business models.

In the long term, the question is no longer just who will broadcast the World Cup, but which model can ensure the sustainable delivery of major sporting events in Vietnam. As costs rise, audiences expect free access, and advertising revenues decline, sports broadcasting is entering one of its most difficult phases.

Thai Khang