Recently, Bualuang Securities has conducted a survey of 500 participants on Thai consumer behavior regarding the broadcast of the English Premier League (EPL) for the 2025/2026 season. The result showed that Thai customers are expected to pay no more than THB 300 for a broadcast package.
Thailand EPL broadcasts are licensed under the collaboration of Jasmine International Public Company Limited (SET: JAS), Mono Next Public Company Limited (SET: MONO), and Advanced Info Service Public Company Limited or AIS (SET: ADVANC).
The brokerage firm reports that most football fans in Thailand give priority to the value of EPL package offerings, with 86% of respondents refusing to pay more than THB 300 per month. Packages priced between THB 199–299 per month from JAS and AIS are considered within the acceptable range for these fans.
Notably, 12% of current True Corporation Public Company Limited (SET: TRUE) and Total Access Communication Public Company Limited (DTAC) users expressed an intention to switch to AIS and 3BB to take advantage of the THB 199 monthly plan or the THB 1,999 annual plan. Should 2.3 million customers transfer from TRUE to AIS, BLS estimates AIS could earn an additional THB 6 billion in annual revenue.
With 86% of fans satisfied with the THB 299-per-month package from JAS, available through the MONO MAX platform, acceptance of the price point continues to support further market expansion. JAS is expected to break even at around 2 million subscribers, each paying THB 299 per month, with the company shouldering the full cost of EPL rights.
Passing the break-even milestone, its main variable cost drops to only about THB 50 per subscriber per month to MONO. For every additional million subscribers beyond break-even, JAS could generate around THB 2 billion in net profit per year. If the subscriber base reaches 7–8 million, annual profit from broadcasting EPL could tally up to THB 10.5–12.5 billion.
MONO, by contrast, employs a low-cost, high-volume strategy, not bearing the burden of expensive licensing fees like JAS. Leveraging its established Monomax platform, MONO can keep operational costs per subscriber low, with its main expenses coming from Content Delivery Network (CDN) fees, technical staff, specialist services, and marketing operations.
MONO will reach break-even with approximately 700,000 subscribers and total monthly costs of THB 30–35 million. Surpassing this threshold, variable cost should drop to about THB 5 per subscriber per month for CDN services.
Net profit after tax increases by around THB 30 for each additional subscriber per month. If MONO achieves a market reach of 7–8 million subscribers, net profit from EPL broadcasting could reach THB 2,300–2,600 million annually.
The survey found that 63% of EPL fans already use AIS or 3BB mobile or broadband services, while 55% still use TRUE or DTAC, however, some customers subscribe to multiple providers.
Regarding the customers behavior, if EPL rights move from TRUE to MONOMAX, 42% of fans—already AIS customers—plan to subscribe to MONOMAX, and another 20% using TRUE or DTAC are considering a move to AIS to access EPL for THB 199 per month.
Interestingly, only 17.6% of fans indicated they would not subscribe to an EPL package for the next season, preferring official channels, a sharp drop from 60% in the previous season who used non-official sources. The data suggests that JAS could reach up to 83% of EPL fans in Thailand through full-price or special packages via AIS (THB 199/month).
The securities firm recommends a “Buy” on ADVANC with a target price of THB 322. ADVANC’s second quarter 2025 results are forecast to continue growing, supported by strong Average Revenue Per User (ARPU) and decreasing operating expenses. Core profit in 2Q25 is expected to rise 27% from the previous year.
