Vietnam’s Beta Media has teamed up with Japan’s Aeon Entertainment in a groundbreaking $200 million joint venture to enhance the cinema landscape in Vietnam. The partnership will see the development and operation of over 50 premium cinemas under the Aeon Beta Cinema brand by 2035. Additionally, the collaboration will focus on film production and distribution, targeting Vietnamese, Japanese, and international films in the Vietnamese market.
Beta Media, founded in 2014 by Minh Bui, popularly known as “Shark Minh Beta” from his Shark Tank appearances, currently runs a chain of 20 affordable theaters catering to Millennials and Gen Z in Vietnam. These theaters offer a budget-friendly alternative, with tickets priced around $2, compared to the $4-5 typical of high-end multiplexes. The company reported revenue growth to $13 million in 2023, surpassing the market’s recovery post-pandemic. Beta Media has also ventured into film production and distribution.
Aeon Entertainment, the cinema division of the Japanese retail giant Aeon Group, operates 96 cinemas in Japan. The collaboration with Beta Media marks Aeon’s first international venture in cinema exhibition.
At a press conference in Ho Chi Minh City, Aeon Entertainment Chairman Nobuyuki Fujiwara praised Beta Media for its deep market understanding and local expertise. He expressed confidence in the partnership’s potential to bring innovative cinema experiences to Vietnamese audiences.
Minh Bui highlighted the joint venture as a testament to their shared vision and values, aiming to deliver unique experiences and sustainable value to the community. The first Aeon Beta Cinema is slated to open in 2025, blending modern design with traditional Vietnamese and Japanese elements. Beta Media will continue to operate its existing cinema chain separately, targeting the mass market.
Vietnam’s cinema industry has expanded significantly, growing from $15 million and fewer than 100 screens in 2010 to approximately $150 million and 1,100 screens last year. Major players include Korea’s CJ CGV and Lotte Entertainment, along with local companies Galaxy Cinema and BHD Star Cineplex.
