Norway-based Vizrt, a leading provider of content-production tools for the digital-media industry, is eyeing business expansion in Myanmar to cash in on the prospects for the broadcasting business there after the country opens more doors for foreign investment.
Yupapak Tawanna, regional manager of Vizrt Thailand, said the headquarters in Oslo had assigned its Bangkok office, which is the operating centre for the Asia-Pacific region, to conduct market surveys and study business opportunity in Myanmar, which has a population of 70 million.
“Myanmar is one of the most exciting countries in Southeast Asia, with more flexible investment laws. Meanwhile, there are a number of foreign investors expanding their business in this natural-resource-rich destination. Our company also has the same vision,” Yupapak said.
She stressed that Myanmar was a new high-potential market for the company, which expected to start business there in the next couple of years.
The company is also focusing on other neighbouring countries such as Laos and Cambodia, which are expected to go for digitalisation soon. This move presents a huge opportunity for the company.
She said Vizrt had established its regional head office six years ago in Bangkok, as it saw high potential in the region.
The company reported that it had witnessed 30-per-cent year-on-year growth in revenue in the Asia-Pacific region. Currently, revenue from the Asia-Pacific market accounts for 40 per cent of total income.
Vizrt distributes three key products and services to television broadcasters in this region. The first is broadcasting graphics solutions such as virtual sets and immersive graphics, real-time three-dimensional animation, weather graphics solutions and social TV. The other two are media asset management tools and multiple platform solutions.
Among key products and services, weather graphics solutions, social TV and multiple platform services were increasingly important. The head of the Bangkok unit said the company might bring some solutions and products into this market. Last year, BEC-Tero Entertainment formed a joint venture with Yangon-based media company and broadcaster Forever Group to run a new TV station – Channel 7. The new company is called Forever BEC-Tero.
Under this JV, BEC-Tero will co-produce television programmes for Channel 7 and for Forever Group’s existing media outlets.
This Myanmar media giant currently operates MRTV-4, a free-to-air channel, and also offers 70 subscription-based TV channels, including 10 digital channels and seven high-definition ones
Source: The Nation