Mobile operator and content provider True Group has introduced a new content package that will be offered at a budget price. Combining elements of TrueVisions Now Lite and TrueID+, the new service will start at just 49 baht per month on the True ID app.
The company aims to tap into the fast growing streaming market, which is expected to surpass 3 million subscribers by 2023.
The managing director of True Digital & Media Platform and Online Station of True Digital Group, Torboon Puangmaha, was quoted as saying, “The pandemic has caused Thais to increase the amount of time viewing entertainment content from two hours a day on True ID before Covid-19 to three to four hours now as they need to relax after working remotely or learning online.”
Streaming demand is now occurring throughout the day and users are demanding more choice of content.
Torboon Puangmaha was also quoted as saying, “We need to act fast and capitalize on artificial intelligence [AI] to provide better personalized experiences to users,” adding, “This price reduction is meant to make customers happy despite the economic woes.”
Higher export growth rates predicted
Thailand’s exports grew at their highest rate in over 11 years to reach a year-on-year level of 43.8 per cent, although a low base effect exaggerated the numbers somewhat.
Still, even so, the rate was ahead of forecasts and has lead to a rise in future expectations.
Despite the latest wave of Covid, experts at Krungsri Research, a unit under the Bank of Ayudhya, are increasing their outlook for export growth rates from 9 per cent to 13.5 per cent going forward.
This increase will help to boost the Kingdom’s GDP by 0.6 per cent partly offsetting the GDP reduction that has occurred due to a lack of tourism and other factors.
Some risks remain and these comprise potential labor shortages due to the Delta variant as well as container and vessel shortages at shipping ports.
Foreign online businesses register for VAT
With the September 1st enforcement date of the e-service tax law in Thailand looming, more than 20 large foreign internet businesses have already registered for VAT.
This is in keeping with the requirement that foreign online businesses that have an annual income of above 1.8 million baht pay 7 per cent VAT in Thailand. The types of businesses that fall under the umbrella includes those offering downloads such as games and game related add-ons, movies, music, advertising, brokerage services and even chat apps offering stickers etc.
An online portal has been launched to facilitate the early registration of VAT. Any company that meets the criteria can easily register in advance of the commencement date. The portal has helped to foster co-operation from businesses that are liable for VAT.
E-service taxes have been introduced to increase revenue and also to ensure a fair playing field for all online businesses.