InTouch closes down Matchbox
InTouch Holdings, a major telecom player, has closed its advertising subsidiary Matchbox, according to an InTouch source.
Somprasong Boonyachai, executive chairman of the group, would only say that he would talk about this matter later.
Suphajee Suthumpun, InTouch’s chairman of the executive committee for media and new business, said she was not ready to comment.
The source said Matchbox, which has around 100 staff, would be formally shut down at the end of this month.
The agency reportedly failed to meet its revenue target amid high competition in the industry.
InTouch, formerly known as Shin Corp, was founded by the family of former prime minister Thaksin Shinawatra. Its businesses range from mobile phone services to satellite services and media services.
Matchbox reportedly played a key role in the success of Thaksin’s national election campaigns.
As part of InTouch’s filing to the Stock Exchange of Thailand on its third-quarter 2014 performance, its other businesses, including media and advertising, information technology and businesses under InVent showed revenue growth of 36 per cent quarter on quarter due to an increase in advertising production.
However, revenue dropped 62 per cent year-on-year and 61 per cent from the first nine months of 2013 as InTouch focused on advertising production rather than the media in 2014. Advertising production is creative work and the strength of InTouch, while the media contributes a small margin.
