Mono Next embraces workforce efficiency, programme licensing for 2024
Leading media and content conglomerate Mono Next Plc on Thursday reported 2023 performance with a loss of 255.1 million baht, down 468.1% from the profit of 69.3 the million baht reported in 2022, despite the company’s efforts in workforce reduction and the use of AI voices to read short news reports instead of anchors.
Mono Next’s income in 2023 was at 1.89 billion baht, down 9.4% year over year, while its cost of sales and services was at 1.33 billion baht, also down 10.7% YoY. Selling and administrative expenses increased 18.3% YoY to 500.2 million baht.
Company CEO Patompong Sirachairat attributed the loss to a reduction of 310 million baht in income from advertising, or a 21.4% contraction from the previous year.
Economic uncertainties, the high interest rate and a slow-down in consumption had caused businesses to cut their overall advertising budgets in 2023, he said.
The company, however, enjoyed an increasing income from content on MONOMAX and 3BB GIGATV channels to the tune of 127.5 million baht, a 22.3% jump YoY. The company’s own streaming channel MONOMAX recorded over 860,000 users as of December 31.
Mono Next in 2023 began using artificial intelligence (AI) to analyse consumer behaviours, as well as to read news and provide interaction with customers. This effort, together with outsourcing skilled personnel, has helped the company reduces its staff expenses by 11 million baht per month.
As for the 2024 business plan, Patompong said the company will continue to restructure its organisation by reducing staffing levels and adopting AI technology. Mono Next’s priority for 2024 remains content production for its MONOMAX streaming channel and MONO29 digital TV channel, as well as selling programme licenses to foreign markets.
