VGI Global Media: OOH and BTS Passenger Monetisation
VGI Public Company (SET: VGI), the BTS Group out-of-home media arm, reported FY2024/25 services and sales revenue of THB 5,219M (+8.4% YoY) with FY net profit of THB 501M.
Key takeaways
- 1
VGI FY2024/25 revenue (+ YoY); FY net profit .
- 2
Segment growth: Advertising +, Digital Service +, Distribution -.
- 3
BTS Skytrain ~ daily riders (CY2024 average); BTS Group ~ passenger trips FY2024.
- 4
Plan B Media 5-year management agreement (1 May 2025 to 4 December 2029) handles VGI BTS, office, column sales for consideration.
- 5
After the July 2025 follow-on, VGI holds of Plan B (reclassified to associate).
- 6
Rabbit ecosystem (Card, LINE Pay) and KEX last-mile remain VGI-owned monetisation rails post-handoff.
Questions this report answers
What's VGI's FY2024/25 financial picture? Per the VGI FY2024/25 performance dashboard and the FY2024/25 net profit press release: services and sales revenue (+ YoY); net profit . Segment split: Advertising + YoY, Digital Service +, Distribution -. The Q3 FY2024/25 cut (via Kaohoon) showed Advertising (+), Digital Services (+), Distribution (-) confirming the advertising-led growth trajectory.[, , ]
What does the BTS Skytrain ridership base look like? Per the BTS Skytrain ridership reference and Statista cross-check: ~ daily passengers on the BTS network (CY2024 average), with the Sukhumvit (Green) Line at ~ daily in October 2024. BTS Group brought ~ passenger trips across FY2024. BTSC (Bangkok Mass Transit System PCL), a BTS Group subsidiary, is the Skytrain operator; VGI is the exclusive concessionaire of the in-station, in-train, and column ad inventory.[]
What's the Plan B Media management agreement? Per the Plan B disclosure: a 5-year agreement (1 May 2025 to 4 December 2029) hands Plan B the right to manage and sell all VGI advertising media assets in Thailand (transit, office, BTS Columns); estimated consideration over the term. This restructures VGI from inventory seller to asset owner collecting management fees, with the Rabbit ecosystem and KEX-linked products becoming the remaining VGI-direct revenue rails.[, ]
What's the FY2025/26 watch-list? How much advertising revenue lands as VGI direct vs as fixed-fee from Plan B (Form 56-1 FY2025/26 will be the read), Rabbit Card and Rabbit LINE Pay active user counts (last public 2018), and Rabbit Cash digital lending book trajectory (BSS / AEON / Humanica JV).[, ]
Executive summary
VGI Public Company posted FY2024/25 services and sales revenue of (+ YoY) with net profit . Advertising drove the print at + YoY, riding ~ daily BTS Skytrain passengers (CY2024 average) and ~ annual BTS Group trips. Digital Service + (Rabbit ecosystem); Distribution -.[, , ]
The May 2025 Plan B Media management agreement (5-year, consideration) hands sales of VGI BTS, office, column inventory to Plan B. After the July 2025 follow-on, VGI holds of Plan B (reclassified to associate). The handoff reframes VGI as an asset owner collecting management fees, with Rabbit Card, Rabbit LINE Pay, KEX-linked, and Aeon-linked Rabbit Cash as the remaining VGI-direct monetisation rails.[, ]
For institutional investors and OOH buyers: VGI is now a transit-asset financial holding wrapped around a Plan B sales contract plus a Rabbit O2O stack. Watch FY2025/26 reclassification (direct vs fixed-fee), Rabbit user disclosures, and Rabbit Cash NPL trajectory. Structural risk: if Plan B underperforms the floor, VGI's sales upside is structurally capped.[, ]
VGI FY2024/25 segment and monetisation scorecard
Services and sales revenue
Value
$151.3M (+8.4% YoY)
Notes
FY2024/25 (year ended 31 March 2025).
Net profit
Value
$14.5M
Notes
Driven by advertising and digital services growth.
Advertising segment
Value
+14.7% YoY
Notes
Transit, office, column inventory.
Digital Service segment
Value
+6.6% YoY
Notes
Rabbit Card, Rabbit LINE Pay, Rabbit Rewards.
Distribution segment
Value
-0.5% YoY
Notes
KEX-linked products, sampling.
BTS Skytrain daily riders
Value
~723K (CY2024 avg)
Notes
Sukhumvit Line ~900K daily Oct 2024.
Plan B management consideration
Value
$8.7-500M over 5 years
Notes
1 May 2025 to 4 December 2029.
VGI Plan B holding
Value
23.3% (associate)
Notes
Post-July 2025 $29M follow-on.
Plan B 2024 OOH revenue
Value
$210.7M (+9.8% YoY)
Notes
Listed peer reference; 75.6% utilisation.
| Metric | Value | Notes |
|---|---|---|
| Services and sales revenue | $151.3M (+8.4% YoY) | FY2024/25 (year ended 31 March 2025). |
| Net profit | $14.5M | Driven by advertising and digital services growth. |
| Advertising segment | +14.7% YoY | Transit, office, column inventory. |
| Digital Service segment | +6.6% YoY | Rabbit Card, Rabbit LINE Pay, Rabbit Rewards. |
| Distribution segment | -0.5% YoY | KEX-linked products, sampling. |
| BTS Skytrain daily riders | ~723K (CY2024 avg) | Sukhumvit Line ~900K daily Oct 2024. |
| BTS Group annual trips | ~417M FY2024 | Passenger feed for VGI inventory. |
| Plan B management consideration | $8.7-500M over 5 years | 1 May 2025 to 4 December 2029. |
| VGI Plan B holding | 23.3% (associate) | Post-July 2025 $29M follow-on. |
| Plan B 2024 OOH revenue | $210.7M (+9.8% YoY) | Listed peer reference; 75.6% utilisation. |
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