Media Prima eyes 20% digital revenue contribution by 2020

Media Prima aims to increase its digital revenue contribution to 20% within the next year. During the recent annual general meeting, Media Prima said its new revenue grew from 13% in 2017 to 25% in 2018. This was due to the accelerated growth in digital and commerce which “cushioned” traditional revenue decline.According to its FY18 financial results, group digital revenue jumped from RM41.5 million last year to RM87.9 million. Meanwhile, its digital advertising revenue increased to RM82.5 million from 33.7 million. In the meantime, its home shopping segment witnessed a 65% increase from RM129.5 million in 2017 to RM213.1 million this year. Media Prima said during the AGM that its commerce and non-advertising revenue contribution to the group is targeted to increase to 40%.Media Prima said that its transformation journey is “on track” and efforts to diversify its revenue in the areas of digital, commerce and non-advertising and international are in progress. He said that the results are a “good indication” that it is on the “right path” in its transformation journey, The Edge reported.Meanwhile, CJ WOW SHOP’s CEO Kim Yang Hyun said it hopes to achieve RM300 million in sales in 2019, an increase from RM213.1 million in FY18, reported The Edge. Kim added that it also intends to expand its Chinese base from 30% to 40%, as well as target the English-speaking segment, The Edge said.(Photo courtesy: 123RF)