Entertainment firms bank on smartphone apps

Entertainment companies in Vietnam are investing in digital transformation with a focus on smartphone experience as they seek to reach more young users.

Vietnam, entertainment, companies, smartphone, app

Television content producer MCV Group recently signed a deal with a digital consulting firm to develop an entertainment and dating app called NetLove.

It will have a live-streaming feature, which operating director Pham Tu Liem said is key since many users want to interact with celebrities.

Since the company is already the producer of several popular dating shows on television, it will also include in its new app a dating feature to help connect people online.

"In the digital era, access to and consumption of entertainment content like reality shows or concerts is no longer bound inside a bulky TV," Liem said, adding that people now want all their favorite shows on their smartphones.

Other entertainment companies are also keen on digital transformation.

Galaxy Studio, which runs a nationwide cinema chain, recently opted for an omni channel collections solution from a bank to provide various types of payment services to customers but all united in one single cash flow to the company.

This means customers can pay for movie tickets from bank accounts or e-wallets but Galaxy will only need to partner with the one bank that provides the omni channel service.

"E-payment is growing and is replacing cash," Dinh Thi Thanh Huong, CEO of Galaxy Studio, said. "Young people are leading the trend and we need to take advantage of that."

There is potential for online entertainment services if companies continue to invest in digital transformation.

A study by Germany-based data portal Statista found that the online dating market is expected to be worth $18 million this year and grow at an average rate of 16.9 percent annually in the next four years.

There are now 3.3 million online dating users in Vietnam, and the figure could reach 4.4 million by 2024.

A survey found that the most popular apps in the first four months of this year were gaming and karaoke ones.

Trinh Ho, founder of advertising firm Fresh Media, expected the online dating market to see strong growth based on the trends she has witnessed in the U.S. and China.

It would attract investors with deep pockets, she said.

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