(Source: Business Mirror | 21 September 2016)
Multimedia conglomerate ABS-CBN Corp. has penned an agreement with Ayala Land Inc. for the construction of the first listed entertainment company’s first “experience store” in the country.
The flagship store, which offers an immersive experience of the Kapamilya network by allowing visitors to be part of the shows they follow and play the roles they’ve always wanted to play, will be built in TriNoma Mall in Quezon City.
“Expect big things to come when media and retail converge to provide viewers and shoppers with the best in entertainment and retail,” ABS-CBN President Carlo L. Katigbak said on Wednesday.
He described the experience store as “a place where people can reenact scenes from their favorite shows, where they can come to regularly interact with our stars, and where they can find new ways to experience everything ABS-CBN has to offer.”
The store will also showcase ABS-CBN’s wide assortment of merchandise that allows customers to own a piece of the Kapamilya stories they follow. The experience store will also be the hub of events that will allow people of all ages to spend time with ABS-CBN stars.
“At the heart of the experience store are the characters and stories that ABS-CBN will bring to life—whether through immersive or digital attractions, games, and merchandise—and give visitors the opportunity to immerse themselves in the world of their favorite shows,” ABS-CBN COO Cory Vidanes said.
The opening of the new flagship store is in line with ABS-CBN’s thrust into retail to provide “delightful and meaningful experiences for its customers.”
The company’s consumer businesses account for P17 billion in annual revenues, or 45 percent of total company revenues. The remaining 55 percent is generated from advertising.
ABS-CBN’s consumer business is generated from three types of businesses, namely, subscription, ticketed experiences and durable goods.
The company booked a net income of P2.11 billion during the first six months of the year, a 76-percent surge from the P1.2 billion it registered the year prior.
Revenues of the company rose to P20.99 billion from P17.67 billion, thanks to the 12-percent hike in regular advertising, while costs and expenses rose by 13 percent to P17.99 billion from P15.98 billion.
The company aims to end 2016 with as much as P3.5 billion in profits, which will be buoyed by revenues from election-related and regular ads, and its growing consumer business.