The landscape for broadcasting the English Premier League (EPL) in Thailand is set for a significant change, with JAS emerging as the new rights holder, taking over from TRUE. According to Kiatnakin Phatra Securities, this shift is expected to involve several partners and could bring potential revenue opportunities for companies like ADVANC and PLANB.
JAS has informed the Stock Exchange of Thailand (SET) that it has secured the broadcasting rights for Thailand, Cambodia, and Laos for six years, commencing from the 2025/2026 season, at a price of THB 19,196 million. JAS anticipates generating revenue primarily from subscription fees, alongside royalty and advertising revenue.
To deliver the service, JAS has entered into transactions with key partners. MONO will play a crucial role, tasked with developing the broadcasting platform, airing the EPL matches (including highlight clips), and providing marketing and public relations support. In return, MONO is set to receive Bt50 per subscriber per month from JAS. The expected subscription fee for viewers is around THB 329 per month.
Further expanding the partnership ecosystem, ADVANC is highlighted as a likely partner. Press reports indicate that ADVANC has announced a partnership with JAS/MONO for content development, which is believed to encompass EPL broadcasting. ADVANC, with its 46 million mobile subscribers, frequently partners with streaming platforms under a revenue-sharing model to boost its mobile/fixed broadband Average Revenue Per User (ARPU). The exact financial structure with JAS—specifically regarding any potential fixed costs for ADVANC—remains unclear.
Meanwhile, PLANB has secured the rights to manage marketing and sponsorship activities for the EPL across all three countries under a revenue-sharing arrangement. This aligns well with PLANB’s existing expertise, including its work for the Football Association of Thailand, and requires no significant additional capital investment.
For the former rights holder, TRUE, losing the EPL broadcasting rights is viewed positively by Kiatnakin Phatra Securities. The research notes that EPL broadcasting was loss-making for TRUE. While TRUE had 1.2 million Pay TV subscribers in 1Q25, only 160,000 subscribed to the EPL premium package.
TRUE plans to reallocate its budget to alternative content and is expected to achieve cost savings, given that JAS’ annual EPL cost (around THB 3 billion per year) appears higher than TRUE’s 2024 spending on film and other content (THB 2,073 million). Kiatnakin Phatra Securities maintains a Buy rating on TRUE, ADVANC, and PLANB based on expected earnings growth and strategic positioning. Note that JAS and MONO are not covered by the brokerage firm.
