The entertainment industry plays a crucial role in the economy of many developed countries (especially South Korea, and the United States) as it not only provides enormous revenue but also creates a large volume of jobs for the majority of people.
In Vietnam, although the scale of this industry is still modest, the market has seen positive developments after recovering from the COVID-19 pandemic. The first notable point is in the film sector, where box office revenue has continuously broken records, bringing in hundreds of billions of Vietnamese dong with movies like "Mai" or "Nhà bà Nữ".
Vietnamese music concerts have also set new records for the number of attendees, demonstrating the appeal and power of the entertainment industry in society. Additionally, the influx of foreign bands performing in Vietnam (such as Westlife, Charlie Puth, Black Pink, etc.) is another positive sign of the industry's development.
In terms of events and television game shows, the music program "Ca sĩ giấu mặt" (The Masked Singer) has surpassed 230 million views in 2 months of airing. Another highly impactful reality show is "2 ngày 1 đêm” (2 Days & 1 Night). By now, the program has achieved certain success by garnering the attention of a large audience. Furthermore, other shows like "Running Man Vietnam," "Rap Việt," etc., are gearing up to film the next season after the successful launch of the previous one.
Some impressive programs and events from entertainment companies in Vietnam attracted high views
To create attractive programs for the audience, it's essential to mention the investment and professional production teams of entertainment companies. These companies play a crucial role in developing programs, investing financially, producing, and promoting brands. In Vietnam, major entertainment companies such as Vie Channel, Sen Vàng, POPS World Wide, etc are contributing to creating a positive working environment for producers, artists, and production teams to encourage creativity and innovation in the industry.
However, the Vietnamese entertainment industry is also facing challenges in terms of education and specialized training. The lack of related programs in this field at universities may affect the overall development of the industry, leading to a shortage of talent and the repetition of many "old faces" in most programs. Another trend it's grappling with is the rapid increase in the application of artificial intelligence (AI) in the production process, especially in cinema, causing concerns among industry insiders about whether their roles could be replaced by AI in the near future.
Vie Channel
Vie Channel Joint Stock Company is a company specializing in producing entertainment programs under the Vietnam Media Corporation. Currently, Vie Channel owns cooperative television channels: HTV2 - Vie Channel (HTV), Vie Giải Trí, and Vie Dramas (VTVCab), and is the production unit of TV programs with high viewership such as Rap Việt, Siêu trí tuệ Việt Nam (The Brain Vietnam), Người ấy là ai (Who is Single)...
During the period of 2020-2022, Vie Channel witnessed a quite stable development in net revenue and profit after tax. Although there was a slight decrease in 2021, this figure quickly recovered in 2020, reaching nearly VND 520 billion in net revenue and earning VND 140 billion in profit after tax.
Sen Vàng
As one of the few companies providing full-service media, after 8 years of establishment and development, Sen Vàng Advertising & Trading Company Limited is growing stronger and affirming its solid position in the fields of media, advertising, and events.
Currently, the brand is more known as a strategic partner in coordinating the production of major events such as the Vietnam Film Festival, Miss Vietnam, and the TV singing contest, ...
Sen Vàng's business landscape saw a breakthrough in 2022 in both net revenue. Specifically, the company's net revenue in 2022 went up by about 1.5 times compared to the previous two years, achieving nearly VND 670 billion, while profit after tax reached over VND 2 billion (in 2021 and 2022) compared to a loss in 2020.
Net revenue of some entertainment companies in Vietnam
POPS World Wide
POPS Worldwide (short for POPS) was established in 2008, pioneering in Southeast Asia in the field of digital entertainment content and many other areas, present on all digital platforms and owning more than 524 million followers.
Over the past 14 years, POPS has aimed to connect brands with viewers and build communities through digital content with a diverse content library from music, entertainment, and children's content, ... from many content creators across Southeast Asia and the world. Prominent brands under POPS include POPS Kids, POPS Music, POPS TV, POPS Anime, POPS eSports, ...
POPS Worldwide recorded stable growth in net revenue over the three-year period but its profit after tax had not shown optimistic signs. Specifically, the brand's net revenue increased significantly each year, reaching over VND 450 billion in 2022. Meanwhile, the company's profit after tax was not promising as it still recorded a loss of VND 77 billion in 2022.
Dong Tay Promotion
Launched in the early 2000s when Vietnam only had a few reality shows, VND Tay Promotion emerged, bringing the first international TV game shows to Vietnam. Currently, the brand is a large company specializing in producing entertainment programs under DatViet Media Group.
With 23 years of formation and development, the brand is now one of the major content creators in Vietnam, with a variety of genres such as reality shows, music shows, travel, cuisine, dating,... airing on most national television channels. Some programs attracting the attention of Vietnamese viewers are Ơn Giời cậu đây rồi (Thank God! You're Here), Ký ức vui vẻ (Happy Memories), Nhanh như chớp (Lightning Quiz), ...
Dong Tay Promotion's business situation showed a decline in 2022 in both net revenue and profit after tax. While revenue tended to rise slightly in 2021 before returning to a profit level of just over VND 260 billion, profit after tax experienced a rapid decline over the three years, reaching only over VND 1 billion in 2022.
Profit after tax of some entertainment companies in Vietnam
MCV Group
MAC Vietnam Advertising & Communication Development Joint Stock Company (MCV Corporation) was established on February 1, 2007, with two major shareholders being advertising companies from Japan - MAC & CINQ, and a partner in Vietnam - MIRAI Vietnam Company.
Throughout 12 years of operation, MCV has continuously strived, learned, and innovated to produce quality television programs, provide advertising & communication services, and post-production. Typical television programs include "Bạn Muốn Hẹn Hò" (Wanna date?), "Vợ chồng son" (The Newlyweds), "Mẹ Chồng Nàng Dâu" (Mother & Daughter-in-law),...
In terms of business, the trend of growth in net revenue and profit after tax of MCV Group was contradictory. While the company's net revenue continuously increased over the three-year period, reaching nearly VND 200 billion in 2022, the profit after tax of the brand tended to decrease to nearly VND 1 billion in 2022.
Cat Tien Sa
Cat Tien Sa Communication Company was established in 1999, and its main activities are related to modeling services and organizing fashion shows. By 2000, the company restructured its operating system and then expanded into many fields such as organizing music performances, television production, advertising, event organization, and so on.
After many years of development, Cat Tien Sa's brand recognition has been increasingly known and profits have grown every year. Currently, Cat Tien Sa is one of the large companies in the field of program production, performance organization, and especially television programs such as The Voice of Vietnam, Bolero Idol, King of Rap, ...
Regarding Cat Tien Sa's business situation, the company recorded an upward trend in net revenue, leading to an increase in profits, although the growth was not significant. In 2022, the company's net revenue achieved nearly VND 130 billion, while profits were only around VND 200-400 million.
Dien Quan Media & Entertainment
Dien Quan Communication and Entertainment Company Limited was founded in 2008 by former journalist Do Van Buu Dien, operating in the field of television program production, advertising, event organization, and strategic communication consulting, ... Most notably is the entertainment game shows on VTV3 channel (Biệt tài tí hon - Little But Special), HTV7 (Thách thức danh hài - Crack Them Up, Thiên đường ẩm thực - Taste of Vietnam,...) with high ratings, leaving a deep impression on viewers.
The net revenue and profit after tax of Dien Quan have shown a decreasing trend over the three-year period. In 2022, net revenue recorded over VND 100 billion, halving from 2021. Meanwhile, profit after tax, which once reached over VND 1 billion, decreased to just over VND 50 million in 2022.
The Vietnamese entertainment industry has much potential for further development and growth. However, to make the Vietnamese entertainment industry a global trend with the goal of promoting Vietnamese cultural identity, the domestic entertainment industry needs to focus more on innovation and collaboration while investing in infrastructure, machinery, and equipment to meet international standards. Additionally, many programs need to adopt a multi-dimensional approach as well as focus on creating high-quality content that suits viewers' tastes, since then, the Vietnamese entertainment industry can increase its presence on the world stage.
Source: Vietdata's 2023 Vietnam Entertainment Sector Report