Vietnam’s Beta Media has entered into a joint venture with Japan’s Aeon Entertainment to operate a chain of premium cinemas as well as engage in production and distribution activities in Vietnam.
The two partners will jointly develop and operate more than 50 premium cinemas under the Aeon Beta Cinema brand by 2035, with investment of more than $200m. They will also work together on film production as well as distribute Vietnamese, Japanese, and international films in the Vietnamese market.
Founded in 2014 by Vietnamese entrepreneur Minh Bui, known as “Shark Minh Beta” due to his appearances on the local version of Shark Tank, Beta Media already operates a chain of 20 “affordable theatres” targeting Vietnam’s Millennials and Gen Z consumers.
Featuring Instagrammable design and selling tickets for $2, rather than the $4-5 pricing common in high-end multiplexes, the company grew revenues to $13M in 2023 – outperforming the market’s post-pandemic recovery. It has also expanded into producing Vietnamese films and distributing international films in Vietnam.
Aeon Entertainment, the exhibition arm of Japanese retail giant Aeon Group, currently operates 96 cinemas in Japan and is making its first steps into the international exhibition market with the Beta Media deal.
Attending a press conference in Ho Chi Minh City to announce the deal, Nobuyuki Fujiwara, chairman of Aeon Entertainment, described Beta Media as “the perfect partner due to their deep understanding of the Vietnamese market, superior marketing knowledge, and strong local network. Cinema has the power to connect people and souls. We believe in that power and will continue to challenge ourselves to bring surprise and excitement to customers in Vietnam.”
Minh Bui said: “This joint venture is the fruitful result of shared vision, aspirations, and core values to bring new experiences and sustainable values to the community. The combination of Aeon Entertainment, with their strong capabilities and extensive experience in the film industry, and Beta Media, with their local insights and innovative capabilities, will create groundbreaking development opportunities for both sides.”
The first cinema under the Aeon Beta brand is expected to be open in 2025 with all the cinemas deploying “a modern style harmonizing with the traditional values of Vietnam and Japan”. Beta will continue to operate its existing cinema chain as a separate brand aimed at mass market consumers.
Vietnam has a thriving cinema market that has grown from $15m and less than 100 screens in 2010 to around $150m and 1,100 screens last year. Other big players in the exhibition space include Korea’s CJ CGV and Lotte Entertainment and local companies Galaxy Cinema and BHD Star Cineplex.
