Betacineplex has attracted more cinemagoers with cheap prices of VNĐ50,000 per ticket (over US$2). — Photo betacineplex.vn

HÀ NỘI — Beta Media has officially signed a contract to receive US$8 million from Japanese investment fund Daiwa PI Partners.

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 Gò Vấp 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 Bùi 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 VNĐ1 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 VNĐ600 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 Bắc Giang, Thái Nguyên, Thanh Hóa and southern Khánh Hòa. 

It is the only movie theatre franchise business in Việt Nam. Currently, three cinema complexes are opened in southern provinces of Đồng Nai and Bà Rịa-Vũng Tàu.

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