郑荣信——数字集团的潜力：东南亚下一个数码独角兽？

梅铎(Rupert Murdoch)是媒体界的传奇，他最近的辞职引起了广泛关注，特别是对他的媒体帝国的继承安排。 这位出生在澳洲的亿万富翁在过去七十年间，将他从父亲那里继承的阿德莱德报纸，转变成了一个全球性的媒体帝国，前无古人后无来者。

梅铎的退位，让我联想到本地上市的数码媒体公司─数字集团（Catcha Digital）主席兼创始人帕特里克格夫（Patrick Grove），他可说是跟梅铎打过交道的人。帕特里克格夫这位出生于新加坡的澳洲人，可谓是数码媒体领域的重要人物。他曾成功领导了六家数码业务公司从初创阶段蓬勃发展，并将它们推向了上市舞台，展现出了他点石成金的能力。

其中，最令人瞩目的交易之一是将房地产网站iProperty Group，于2016年以惊人的5.34亿美元（相当于约25亿令吉）价格出售给梅铎在澳洲交易所上市的REA Group Ltd。这个交易引起了广泛的关注，标志著帕特里克格夫在数位媒体和房地产领域的成功策略。帕特里克格夫更曾豪言要把数字集团打造为大马的数码独角兽。

不过，数字集团在2017年陆续脱售主业后，沦为了GN2或俗称“现金公司”(cash company)，直到今年3月以4392万令吉收购新数码媒体公司iMedia Asia后，才脱离GN2行列，蓄势待发开启新的旅程。3个月后的财报公布时，数字集团就展示了2022年财政年度取得1028万令吉的税前盈利，取得强劲的回归。

实际上，数字集团的业务涵盖了媒体多个层面，从线上新闻网、美食和旅游网站，到网红行销、影片广告、社群媒体行销，再到市场分析、体验行销和数码户外广告等多个领域，在数码化浪潮的推动下，拥有无限的潜能，毕竟“站在风口上，猪都会飞”。

在大马，数字集团拥有三种语言流量的媒体。这个多语言的策略使公司能够在市场中占据独特的地位。尤其在数字集团收购iMedia后，拥有覆盖每月超过1320万马来西亚人的数码媒体网络。这是一个庞大的观众群体，对广告商和品牌更具吸引力。这也反映出iMedia在实现市场份额成长方面动力，并建立了广泛的数码媒体生态系统，尤其数字集团与Google和面子书等巨头是相辅相成的关系，而非与后者竞争。

在这些业务中，数码户外广告（DOOH）是一个备受瞩目的亮点。简单来说，DOOH就是数码化的户外广告。举例而言，川流在雪隆地区的主要高速公路不难发现该公司广告看板的踪影。该公司不仅拥有这些萤幕，还会有策略选择位置和萤幕尺寸，以实现更广泛的覆盖，因为线上行销活动的有效性主要指标之一就是其覆盖面。覆盖面越广，效果越好。

东南亚电子经济

依据Google、淡马锡（Temasek）和贝恩公司（Bain & Company）2022年的报告显示，东南亚地区的电子经济预计将达到3300亿美元（1.5兆令吉）的规模，该报告涵盖了印尼、马来西亚、菲律宾、新加坡、泰国和越南这六个主要经济体。这6国的电子经济用户总数已经达到4.6亿。

从宏观角度来看，这显示东南亚地区的电子经济规模庞大，未来成长潜力巨大，而媒体和广告产业也会扮演至关重要的角色。

除了帕特里克格夫，数位集团的管理阶层由一群在科技和媒体领域拥有丰富并购和营运经验的创业家组成。 他们不仅是业界领先的投资者，在私人和公共资本市场也表现出色，并累积了跨足东南亚、澳洲和美国等多个国家的成功发展经验。 这个强大的管理团队为该集团提供了策略指导和市场洞察，使其能够在竞争激烈的数位媒体领域中脱颖而出。

然而，媒体产业的风险就是竞争激烈，市占率不易稳固。 此外，市场风险、政策风险和技术变革都可能对媒体公司的业绩产生不利影响。

根据目前的市场规模，如果数字集团在马来西亚20亿令吉广告市场中能占据两成份额，预计未来3年内每季将创造约1亿令吉的收入，一年合共4亿令吉。当然，媒体产业并非赢者通吃，除非一家媒体垄断市场。不过，如前文所提，同时掌握3大语种的数字媒体将使该公司如虎添翼。

数字集团在东南亚的媒体领域具有巨大潜力，其多元化业务和强大管理团队，会否让其迎来下一个春天，甚至成为东南亚数码独角兽？无论如何，本文仅为资讯分享而非投资建议，个人的投资决策还是要基于理解自身可承担的风险和充分的研究与专业谘询。

郑荣信《数字集团的潜力：东南亚下一个数码独角兽？》英文版：The Potential of Catcha Digital: Is Southeast Asia's Next Digital Unicorn Emerging?

Rupert Murdoch is a legend in the media industry, and his recent resignation has garnered widespread attention, especially regarding the succession plan for his media empire. The billionaire was born in Australia and over the past seven decades, he has transformed an Adelaide newspaper he inherited from his father into a global media empire, a feat unparalleled in history.

Murdoch's stepping down brings to mind  the Chairman and Founder of Catcha Digital, Patrick Grove. He is a Singapore born Australian. He is  undeniably a prominent figure in the digital media industry. He has successfully guided six digital businesses from their startup phases to listing on public markets, showcasing his Midas touch.

One of the most remarkable transactions was the sale of iProperty Group, which in 2016 was sold for a staggering $534 million (equivalent to approximately RM2.5 billion) to REA Group Ltd., a Rupert Murdoch company on the Australian Securities Exchange. This deal garnered widespread attention and signaled Patrick Grove's successful strategies in the digital media and property technology sectors.

After selling off its core businesses in 2017, Catcha Digital found itself categorized as a GN2, often referred to as a "cash company." However, the company recently embarked on a new journey after acquiring the new digital media company iMedia Asia for RM43.92 million in March this year. In its financial report three months later, Catcha Digital demonstrated a robust return with a pre-tax profit of RM10.28 million in the fiscal year 2022.

In reality, Catcha Digital's business spans multiple facets of the media industry, from online news portals, food and travel websites, to influencer marketing, video advertising, social media marketing, market analysis, experiential marketing, and digital out-of-home advertising (DOOH), among others. With the digital wave driving its growth, the company possesses boundless potential, as they say, "Even a pig can fly when standing on the right gust."

In Malaysia, Catcha Digital has a media presence in three languages, a strategic advantage that sets the company apart. Especially after the acquisition of iMedia, they now have a digital media network covering over 13.2 million Malaysians every month. This vast audience is highly appealing to advertisers and brands. It also reflects iMedia's success in gaining market share and establishing a comprehensive digital media ecosystem. Catcha Digital's collaboration with giants like Google and Facebook complements them rather than competing directly with them.

Among their diversified businesses, Digital Out-of-Home Advertising (DOOH) stands out as a notable highlight. In simple terms, DOOH refers to digitized outdoor advertising. For instance, you can easily spot Catcha Digital's billboards along major highways in the Klang Valley. The company strategically selects locations and screen sizes to achieve broader coverage because one of the primary indicators of the effectiveness of online marketing campaigns is their reach. The wider the reach, the better the results.

According to a report by Google, Temasek, and Bain & Company in 2022, the digital economy in Southeast Asia is projected to reach a staggering $330 billion in scale. This report covers six major economies: Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam. Concurrently, as of 2022, the total number of digital economy users in these six countries had already reached 460 million. From a macro perspective, this highlights the substantial scale of the digital economy in Southeast Asia and its immense growth potential. As the wave of digitalization continues to surge, an increasing number of consumers and businesses will rely on digital media and advertising to fulfill their needs.

Besides Patrick Grove, Catcha Digital boasts a management team composed of entrepreneurs with extensive experience in mergers and acquisitions and operations in the technology and media sectors. They are not only leading investors in technology and media but have also excelled in both private and public capital markets, accumulating successful development experiences in multiple countries, including Southeast Asia, Australia, and the United States. This robust management team provides Catcha with strategic guidance and market insights, enabling it to stand out in the highly competitive digital media landscape.

However, it is essential for investors to be aware of certain risks when considering investments in media stocks. The media industry is highly competitive, and maintaining market share can be challenging. Additionally, market risks, policy risks, and technological changes could all have adverse effects on a media company's performance. It's crucial for investors to carefully assess these potential risks when making investment decisions. It's worth noting that Catcha Digital complements giants like Google and Facebook rather than directly competing with them.

In conclusion, let's make a forecast. Based on the current market size, if Catcha were to capture a 20% share of the RM2 billion market, it is projected to generate approximately RM100 million in revenue per quarter over the next three years, totaling RM400 million annually. It is important to note that the media industry isn't a winner-takes-all arena unless one media company monopolizes the market. However, as mentioned earlier, the digital tri-lingual aspect of the business positions the company advantageously.

Catcha Digital has significant potential in the Southeast Asian media landscape, and its diversified businesses and strong management team make it a contender for the next unicorn. Nevertheless, individual investment decisions should be based on an understanding of one's risk tolerance and thorough research, along with seeking professional financial advice. Investment always comes with risks, and prudent and informed investment decisions are key to success.