Astro Malaysia Holdings to invest RM300 million in local content for FY2023

Astro Malaysia Holdings plans to invest RM300 million in local content for the financial year which ends on Jan 31 2024, as reported by Bernama in an interview with Astro's group CEO, Euan Smith.

Smith told Bernama that Astro has invested RM308 million in local content for the financial year of 2023, which is an 11% increase from the previous year.

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Smith added that Astro is focusing on providing customers with better value bundles which they can access all in one place, with the aim to address viewers diverse preferences. 

The underlying principle behind the investment, according to Smith, is Astro’s aim to champion local vernacular content, coupled with its knowledge in storytelling, talent and production capabilities which can appeal to Malaysian audiences. 

He added that in spite of the economic challenges Astro was presented with, the company has been showing positive signs of growth, citing the good take up of Astro Fibre, where its broadband customer base reportedly grew by 28%. 

Moreover, Smith shared that these positive signs of growth could result in Astro becoming the official broadcaster of Malaysia Football League’s Malaysia League competitions, which could prove to be highly lucrative for the news and broadcast agency.

Astro’s financial security can be attributed to its positive performance for the fiscal year 2023. Its revenue increased by 7% quarter on quarter to RM991mn, driven in part by higher Adex and a larger broadband base. According to the statements shared total ADEX rose 14% qoq to RM126mn, with year-end festivities and the FIFA World Cup Qatar 2022 driving strong performance across all TV, radio and digital platforms. Radio adex, TV Adex and Digital Adex share stood at 73%, 34% and 2% respectively.

Astro Radio brands on the other hand registered 17.7 million weekly radio listeners on FM and online. Its entertainment app SYOK also saw listenership increased by 28% y-o-y to 1.1mn while Astro digital brands registered 8.4mn monthly unique visitors.

According to Astro, the group is now equipped with unified audience measurement on linear and on demand and has recently augmented this measurement currency to include commercial establishments. The group said it expects addressable advertising to gain traction as more advertisers tap into its capability to deliver targeted ads to specific individuals or households based on location, affluence and other demographics by leveraging Astro’s first-party data. 

Smith said the group’s transformation plans have continued apace this year as it continues to put in place the structures and architecture that will define the Astro of the future. “We are starting to see the benefits from the investments in content, product, connectivity, advertising and customer service, moving the company aggressively into the new streaming, on demand era,” he said.

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