There is no one-size-fits-all solution due to market volatility

On November 23-24, VTV held the 2023 Customer Conference in Hoi An, Quang Nam. This was an opportunity for VTV to express its deep gratitude to its partners and customers over the past year.

Mrs. Do Lan Huong, Director of TV Advertising Services Center, highlighted the results of cooperation between VTV and its partners over the past year. She affirmed that no matter where and under what circumstances, viewers always want to access compelling content. Therefore, VTV's strategy has always been to continuously invest in outstanding, high quality and prestigious programs that put the audience first. VTV will continue to utilize its strengths with the support of its partners to meet the audience's expectations by acquiring copyrights, cooperating and producing high-quality and distinctive programs. Ms. Do Lan Huong also affirmed that the programs produced by partners and companies have made VTV's broadcasting richer and more diverse, meeting the increasingly high demands of audiences and contributing to the broadcaster's revenues. Therefore, VTV always considers customers and partners as friends for sustainable development.

Speaking at the conference, representatives from partners highly appreciated the cooperation with VTV and expressed their desire for further cooperation and support from VTV in the production of programs as well as advertising and services.

From late 2022 to the present, the television advertising market has faced challenges due to the global economic downturn, with the overall demand for basic goods decreasing by 40-50%, leading to companies cutting their advertising budgets. Not only did VTV experience a decrease in advertising revenue compared to 2022, but partners also shared that advertising contract sales for 2023 only reached about 40-50% of the estimate. In addition, while companies still advertise on traditional channels, they are increasingly interested in promoting their brands on digital content channels.

On behalf of VTV, Director General Le Ngoc Quang sincerely thanked all the guests, including partners, advertising companies, program producers and brand representatives, who have accompanied and supported VTV in its production and business activities in 2023. The Director General stressed that with the spirit of seeking common ground, they understand that "to go far, we must go together", especially in difficult times, there are no one-size-fits-all solutions due to market fluctuations. Throughout 2023, VTV has made efforts to exchange ideas, find common ground with partners through numerous meetings, and propose flexible business solutions that are in line with the practical situation. In the past two days, the management of VTV and the business and content production departments held meetings with representatives of major producers and strategic advertising agencies to promptly address challenges and find solutions, especially in terms of mechanisms and business policies. Despite the decline, in 2023 VTV has continued to invest, innovate program schedules, improve content quality, and broadcast many new programs that have made an impact on the market. With these efforts, VTV hopes to continue to receive enthusiastic cooperation from customers to overcome this challenging period together.

Advertisers are increasingly turning to digital channels in addition to traditional television advertising as a result of the Fourth Industrial Revolution and the move toward customized content. This shift is necessary to meet the demands of audiences, but it also raises concerns about the legitimacy of the advertising strategies of individual and Internet channels. 

Despite the predicted economic downturn through 2024, traditional TV advertising still holds the largest market share with the highest revenue in the market, with a slight increase compared to the digital video advertising group. In the context of tightening advertising budgets in general and the activities of content producers in particular, the choice of a reliable advertising platform becomes even more crucial.

Mr. Le Ngoc Quang, General Director of VTV, also believes that with more than half a century of experience and reputation, VTV has the influential power of mass media - a prerequisite for audiences, potential consumers who trust and open their wallets to make purchases, especially in the current situation of tightened spending. Of course, in addition to the brand advantage, the achievement of the overall business goal and the maintenance of good results in the coming year must be realized through actions. VTV always considers advertisers as important partners, not only for business purposes, but also to find excellent programs to meet the needs of the television audience. Therefore, VTV is willing to cooperate with partners in a "win-win" spirit, harmonizing interests, sharing difficulties, making timely and flexible adjustments, and finding reasonable solutions for the benefit of both parties and the audience. VTV is committed to expanding, developing the broadcasting schedule, improving the quality of program content, and will always accompany its customers. I hope we will continue to stand side by side to achieve even greater success through close and lasting partnerships in business as well as in the development of program content on VTV's broadcasting/digital platforms," he said.

On this occasion, in order to thank its customers, the Director General of VTV awarded Certificates of Merit to 15 partner companies that have made significant contributions to VTV in 2023.