YeaH1’s new game: a young idol group and the MangoPlus entertainment app

The “Tan Binh Thang Cap” lineup officially debuts to the public

In 2024, YeaH1 Group (ticker: YEG) rose in the entertainment scene with reality shows and a series of concerts that drew large fan crowds, such as “Anh Trai Vuot Ngan Chong Gai” and “Chi Đep Đap Gio,” where many established artists with seniority and standing in the industry converged.

This was also a factor that helped YeaH1 attract many sponsoring brands and record a strong business recovery in 2024. Revenue rose 2.5 times to 1,026 billion VND. Profit after tax rose 4.6 times to 122 billion VND, the second highest since listing, only after the 2018 IPO year.

Up to the first half of this year, results kept growing thanks to large ticket sales revenue from the “Anh Trai” concerts. YeaH1 Group recorded 677 billion VND in revenue, 2.4 times the same period last year. Gross margin improved from 11.1% to 13.9%. Profit after tax reached 59 billion VND, 2.7 times the same period.

While very successful with such programs, YeaH1 decided to temporarily halt reality shows like “Anh Trai Vuot Ngan Chong Gai” and “Chi Đep Đap Gio.” In early September, the “Anh Trai Vuot Ngan Chong Gai” concert series also officially wrapped with the eighth show in Ho Chi Minh City.

Therefore, the question investors care about is what YeaH1’s next game will be. What will drive future growth when the “keys” that brought revenue and profit have stopped.

The long game: a young idol group

At a press conference on the afternoon of 22/9, YeaH1 Group announced a flagship project, “Tan Binh Toan Nang”. Unlike “Anh Trai, Chi Đep,” which gathered established artists, “Tan Binh Toan Nang” targets young artists at the start of their careers.

YeaH1 leadership revealed that the program has Techcombank as a co-investor, along with other sponsors such as Lay’s, a U.S. potato snack brand, and BYD, China’s largest electric vehicle brand.

With “Tan Binh Toan Nang”, YeaH1 leaders define it not only as a gameshow, but also as a long-term strategy. Through the program, contestants are challenged and trained under a rigorous K-pop standard model, from singing, dance, and stage style to personal image building, with the mission of winning audiences at home and abroad. The final goal is to select “quality” rookies and debut them in a group model.

YeaH1 affirms that the group will be formed with organized scale, a clear roadmap, and international standards, aiming to expand opportunities for Vietnam’s entertainment industry to reach regional markets. With synchronized investment from the very first stages, YeaH1 Group believes this group will soon become a representative for Vietnam’s young generation of artists, bringing Vietnamese identity and talent to the world.

The 11 “Tan Binh Thang Cap” lineup, not yet the official debut lineup

In reality, building a young music group is not rare in the entertainment market. Many groups have launched, some succeeded, some failed. If successful, the commercial value is huge, as seen with Blackpink and BTS, from concerts, album sales, streaming, to fashion, accessories, and jewelry. In 2018, YeaH1 also launched the SGO48 project, building a sister group based on Japan’s quite successful AKB48 model, however the project later did not create a splash.

Developing the MangoPlus platform

At the press conference, YeaH1 also introduced a piece said to complete the group’s multi-platform entertainment ecosystem, the MangoPlus entertainment platform. The platform is developed by Mango+ Entertainment and Media Co., Ltd., a member of YeaH1 Group, with backing from Mango+, the builder of MangoTV, a top-three entertainment content platform in China. The cooperation is not limited to exclusive distribution of quality content in Vietnam. It also includes production technology transfer.

According to Nguyễn Quế Tiên, Chief Operating Officer of YeaH1’s Digital Content Division and Deputy General Director of MangoPlus, with the MangoPlus app installed, audiences will soon enjoy entertainment programs and film blockbusters, and also interact with content and favorite artists through programs such as “Tro Ly Toan Nang,” expected to launch in November.

(Left to right) Nguyễn Vân Linh, Deputy Director of Retail Banking, Techcombank; Ngô Thị Vân Hạnh, CEO, YeaH1 Group; Angela Pong, General Manager, Sony Music Entertainment Vietnam; Nguyễn Quế Tiên, COO, YeaH1 Digital Content Division and Deputy General Director, MangoPlus; Ryu.D, CEO, HiDirector Entertainment.

YeaH1’s goal is to build MangoPlus into a familiar destination for those who love authentic Asian entertainment content.

The development of entertainment platforms is an inevitable trend for entertainment companies. For example, VieOn JSC under Dat Viet Media and Entertainment Group developed VieON in 2020. Vietnamese audiences are getting used to paying to watch exclusive, attractive platform content, or simply to enjoy an ad-free experience. On YouTube, viewers now also pay if they want an uninterrupted experience.

Although a later entrant, YeaH1 has many advantages entering this market. These include a series of “viral” entertainment programs such as “Anh Trai,” “Chi Dep,” “Me Sieu Nhan,” and recently “Gia Đinh Haha,” as well as much other quality digital content on YouTube and Facebook.