Analysts at Bualuang Securities stated that live broadcasting rights for the English Premier League serve as a major magnet, drawing customers from the Jasmine International Public Company Limited (SET: JAS) and Advanced Info Service Public Company Limited (SET: ADVANC or AIS) groups to subscribe to these packages. Meanwhile, the inclusion of Thai League rights further broadens the target audience, as it helps attract local football fans and those already following Thai football, achieving a “comprehensive service” for both international and domestic football fans.
1) Bundling Strategy
Ultimately, the Thai League football package will be merged with the Premier League package into a single offering. The subscription price will be a critical factor—if JAS offers a lower-priced package, it can reach a larger number of subscribers, increasing the likelihood of achieving its target of 2–3 million subscribers.
2) Break-Even Point
When bundling Thai League with Premier League, the break-even point is estimated at around 1.3–1.4 million subscribers, based on previous Premier League-only figures. Should the subscriber goal reach 2 million, profitability could be achieved within a year.
3) Pricing Structure and Target Audience
Current monthly subscription fees for the previous Thai League rights holders range from THB 149 to THB 199. The bundled packages from AIS and JAS, however, will not charge extra above their planned Premier League package—they will simply incorporate Thai League matches into the same package.
4) Main Beneficiaries
Mono Next Public Company Limited (SET: MONO) stands out as the main beneficiary as it gains more content and the opportunity to boost its subscriber count, without having to pay for the content rights. Customers pay via MonoMax, and new users are drawn to the MONO platform. If MONO reaches 2 million subscribers out of a 3 million target, profits are expected to rise by THB 500 million per year, based on a revenue share of THB 50 per subscriber.
JAS is the secondary beneficiary, with an opportunity to grow its subscriber base with modest investment. If JAS attains 2 million subscribers at a rate of THB 329 per month, annual revenue could reach about THB 7.8 billion. With an average margin of 50–70%, annual profit could be around THB 1.5 billion.
For AIS, bundling the Premier League and Thai League is likely to increase its user base, especially if it launches incentives to win over competitors’ customers. Its prior partnership with PLANB creates further synergy, as PLANB already has expertise in this market.
Mr. Korapat Vorachet, Assistant Managing Director and Head of Research at Krungsri Securities, has a positive long-term outlook for MONO and JAS as the football broadcasting rights—particularly for the Premier League and Thai League—are major “magnets” to attract customers and boost revenue. The key objective for both JAS and MONO is to expand their subscriber base and generate additional advertising revenue to reach the business break-even point. It is forecasted that MONO’s subscribers could grow beyond 1.5 million.
Supplementary initiatives include organizing football-related activities such as game analysis shows, which help attract and retain viewers. Partnership with Siam Sport is also considered a strong advantage, as true football fans, especially those aged 30–50, prefer program hosts and commentators from Siam Sport.
For AIS, acquiring Thai League rights is a crucial enhancement to its “convergence package” strategy, which bundles mobile, home internet, and TV services. AIS’s strength lies in its convergence packages, as standalone streaming offerings struggled previously due to the lack of compelling original streaming content—but football rights help fill this gap.
Football viewers are likely to switch to AIS’ bundled packages if they seek more convenient and value-priced ways to watch the sport. Customers ultimately have two options: switch to AIS’ convergence package for convenient football viewing, or simply pay an additional subscription to MonoMax or AIS while maintaining their current service packages.
