|Yeah1 announces revenue of first quarter. — VNS Photo|
HCM CITY Yeah1 Group (Yeah1) has announced results for the first quarter and some updates on its recent cost restructuring and technology focus.
Its gross revenue was US$11.05 million, 33.56 per cent down year-on-year.
Net profit was $110,000 lower than in the same quarter last year, mostly because of lower income from interest-bearing deposits.
From the operating perspective, Yeah1 has restructured costs with the closure of its loss-making TV stations with the full benefit set to come in at the end of May, possibly increasing net profit by more than $200 thousand per quarter.
The company moved to a new, bigger building at 30 – 40 per cent lower cost than its current office, and stopped investment in unstable and loss-making businesses to streamline its organisational structure.
Yeah1 continues its Owned & Operated (“O&O”) channel and content strategy with a strong focus on new original content.
The first quarter saw continued success and momentum with series such as Chao Trang, Anh Tham Tu, Nguoi Thu Ba, Anh Ao Den, Mi Goi, Yeah1 Spotlight all receiving millions of views and trending on Facebook Watch and YouTube.
It also made some chart-topping music videos.
It signed a strategic agreement with Tan Hiep Phat, a billion-dollar beverage corporation, and the marketing campaign for Tan Hiep Phat using the Mega1 app developed by Yeah1 was a good start.
Other strategic developments the company pushed ahead with and which can touch users directly included the Appfast project, KOL platform, Ad Network, Mega1, and Shopiness.
It targets revenues of $78 million this year and a net profit of $5.2 million.
Founded in 2006, Yeah1 Group is one of Vietnamese largest digital media- and media technology-focused companies and makes its own original content.
It also innovates advertising technologies.
It listed in June 2018 and was the first public media company in Vietnam to do so, though its stock has not fared well, falling to VND58,000 now after once crossing VND300,000. — VNS