CMO Plc announced yesterday that it is repositioning itself as an event organizer technology company.
The move came after the company secured Kitisak Jampathiphong as the main shareholder in place of Sermkhun Kunawongse, the company’s founder, over the past three months.
“We are aiming to be a high-growth company by changing our business and management structure as well as rebranding,” said Mr. Kitisak, who now controls a 24.4% stake in CMO according to CMO data. Thailand Stock Exchange.
He said the company was negotiating to acquire six strategic technology partners that could accelerate CMO’s technology capabilities. They include: Transformational Co, a digital transformation company; Brand Baker, a digital agency; Redex, an employee engagement platform; Social Listening Partner, a data analytics company; Shopgenix, an affiliate commerce provider; and WeLink, a loyalty platform.
Deals worth 100-300 million baht each are expected to be signed in May, Kitisak said. CMO will own 40-60% of the shares of these six companies, he said.
By implementing these strategies, CMO aspires to expand its footprint in Asia and on the global stage, Mr. Kitisak said. The company aims to increase its total sales to 2.5 billion baht this year.
Of this total, 70% of revenue will come from events, 20% from entertainment and 10% from technology. By 2023, the revenue contribution from the tech business will increase to 60%, with 40% coming from entertainment and events, he said.
“CMO’s solid foundation and speed of execution have carried us through the Covid-19 era. The new management team is planning a big leap with the major integration of technology businesses. the world 1.0 [physical]then evolved to Web 2.0 [digital]. We are now ready to venture into the era of Web 3.0 where blockchain and the metaverse take center stage,” Mr. Kitisak said.
Ariya Banomyong, Co-CEO of the company, said CMO is changing from an event organizer for the business-to-business and business-to-consumer market to a total solution provider using creativity and technology.
He said the company wants to deliver a new experience through the 5E strategy: Events, Amenities, Entertainment, End-to-End 2.0 and Experience 3.0.
For the events industry, CMO plans to build local experience brands and partner with leading business partners to deliver flagship events in Thailand, Ariya said.
This strategy includes creating world-class experiences, attracting international visitors and scaling to expand overseas, he said.
In terms of equipment, the company wants to upgrade lighting, audio and image to support national and international partnership agreements, from events to studio films and concerts.
It aims to make its debut in the entertainment industry by partnering with major Asian and global entertainment agencies to organize concerts from South Korea and the United States. CMO plans to attract global festivals to Thailand and create original content under CM Entertainment, Ariya said.
End-to-end 2.0 consists of newly acquired marketing technology businesses including digital agencies, social listening, influencer platforms, employee engagement platforms and customer relationship management, while Experience 3.0 covers new digital businesses and services of the future, he said.