VGI Global Media

What VGI Global Media does

VGI Global Media Public Company Limited is Thailand's leading integrated out-of-home (OOH) advertising solutions provider, listed on the Stock Exchange of Thailand under ticker VGI and operating as part of the BTS Group conglomerate. The company's core offering is an O2O (offline-to-online) advertising platform that unifies physical media across Bangkok's BTS transit network (84 stations, 6,800+ screens, 170 train LCDs), 209 office and residential buildings (1,890 screens), 137 outdoor billboards, 309+ under-bridge screens, and a direct-to-consumer network of 1,000+ stores generating 40M+ annual audience interactions, with online advertising delivered through the VGI Digital Lab agency. The platform is powered by a proprietary 18M+ user consumer database spanning Rabbit Group, VGI, and partner networks, used to drive audience targeting and cross-channel campaign measurement that VGI claims delivers 2x effectiveness versus single-channel campaigns.

VGI operates a meaningfully diversified ecosystem beyond core advertising, structured around payment, loyalty, financial services, and distribution. The Rabbit ecosystem — managed by BTS Group affiliate BSSH — comprises Rabbit Card (20M+ cards issued, 24.5M+ users, 25,000+ retail readers), Rabbit Rewards (9M+ members, 750K+ monthly active users), Rabbit Care insurance marketplace (4M+ users, 70+ partner providers), Rabbit Cash digital lending (THB 1,200M+ loans outstanding, regulated by the Bank of Thailand), and a co-branded AEON Card with 100K users enabling instant micro-loans. Adjacent distribution activities include 28 Turtle lifestyle retail stores, 10 SuperRich Turtle currency exchange branches, a Jaymart partnership for mobile retail distribution, and Fanslink e-commerce, a Chinese-brand management platform invested in via BSSH.

The business model generates revenue from four streams: offline OOH advertising (transit, building, outdoor, DTC), online/digital advertising via VGI Digital Lab, Rabbit ecosystem transactional and financial-service fees, and distribution/retail. Go-to-market combines direct enterprise field sales with partner channels, targeting enterprise advertisers across beauty, F&B, automotive, travel, e-commerce, and financial services, plus a secondary focus on Chinese tourists in Thailand via the V-Click Technology joint venture with iClick Interactive. Pricing is negotiated custom rather than list-priced, and VGI reports case-study outcomes including a McDonald's BTS campaign (9% in-store sales uplift near stations, 38% lower cost per new customer acquisition), travel-brand sales lifts of 50-220% YoY, and e-commerce client performance of 2,200% ROAS. The company employs 101-250 staff, has ranked in S&P Global's Top 1% for sustainability for the fourth consecutive year (2026 Yearbook), and is led by Nelson Leung and Surachet Bumrongsuk as CEOs, Chavin Kalayanamitr as CTO, Oranuch Rujirawona as Chief Sales & Marketing Officer, and Chan Kin Tak as COO. In October 2025, the share price came under significant pressure following reports linking major shareholders to Capital Asia Investments over alleged money laundering concerns.

Name

VGI Global Media

Legal name

VGI Public Company Limited

Website

https://vgi.co.th

Company type

Public

Founded year

1995

Operating status

Operating

Headcount range

101–250 employees

Short description

VGI Global Media is Thailand's leading out-of-home advertising provider, operating an integrated O2O platform spanning BTS transit, buildings, outdoor, and direct-to-consumer channels, alongside the Rabbit payment, loyalty, and financial-services ecosystem serving 24.5M+ users.

Ownership category

akta.pro rank

Headquarters

HQ city

Bangkok

HQ country

Thailand

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Marketing or Sales, Technology or R&D

Revenue model

1. Offline Advertising Media: Revenue from out-of-home advertising across transit (BTS stations and trains), building (office and residential screens), outdoor (billboards, street-level digital screens), and direct-to-consumer channels (product demonstrations, events, in-store activations). VGI operates transit media at 84 BTS stations with 6,800+ screens, building networks across 209 buildings with 1,890 screens, and 137 billboards.
2. Online / Digital Advertising: Revenue from VGI Digital Lab's online agency services including data targeting, media planning, artwork adaptation, and optimization & reporting for digital campaigns across multiple platforms.
3. Payment & Loyalty Services (Rabbit Ecosystem): Revenue from the Rabbit Card stored-value payment ecosystem, Rabbit Rewards loyalty program, Rabbit Care insurance marketplace, Rabbit Cash digital lending, and AEON Card co-branded micro-loan products. The ecosystem serves 24.5 million+ Rabbit Card users and 9 million+ Rabbit Rewards members.
4. Distribution (Turtle, Rabbit Bytes, Demo Power, Jaymart): Revenue from distribution and retail operations through Turtle lifestyle retail stores (28 shops), Rabbit Bytes, Demo Power, and Jaymart partnership. Includes retail sales, e-commerce operations via Fanslink, and product distribution across physical and online channels.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels6 records

Core offering

VGI Global Media provides integrated out-of-home (OOH) and offline-to-online (O2O) advertising solutions, operating physical media networks across BTS transit stations (84 stations, 6,800+ screens), office and residential buildings (209 buildings, 1,890 screens), outdoor billboards (137 billboards, 309+ under-bridge screens), and direct-to-consumer activations (1,000+ stores, 40 million+ annual audience interactions). The company also operates the Rabbit payment and loyalty ecosystem (Rabbit Card, Rabbit Rewards, Rabbit Care, Rabbit Cash) serving 24.5 million+ users, and provides digital advertising and data targeting services through VGI Digital Lab.

Product overview

VGI Global Media Public Company Limited is a Thai omnichannel marketing and advertising solutions provider operating a multi-platform portfolio structured around four core pillars: Offline Advertising (OOH), Digital Services (Payment/Rabbit ecosystem), Online/Digital Marketing, and Distribution. The Offline Advertising pillar includes Transit (BTS rail network), Building (office/residential screens), Street/Outdoor (billboards), and Direct-to-Consumer (product demos and events) channels. The Digital Services pillar centers on the Rabbit ecosystem — comprising Rabbit Card (stored-value payment), Rabbit Rewards (loyalty program), Rabbit Care (insurance marketplace), Rabbit Cash (digital lending), and AEON Card (co-branded micro-loan) — which collectively serves over 24.5 million users. The Online/Digital pillar encompasses VGI Digital Lab (full-service digital agency) with its Data Targeting Product and China Online Solutions (V-Click Technology joint venture with iClick) for targeting Chinese tourists. The Distribution pillar includes Turtle Shop lifestyle retail stores, Fanslink (Chinese brand e-commerce), and Jaymart (mobile retail distribution). The company's signature O2O Solutions platform integrates offline media touchpoints with online advertising and proprietary consumer big data to deliver targeted, measurable campaigns — described as the first and only O2O solution in Thailand.

Differentiator

Problem solved

Functional benefit

Brands

• Turtle: Lifestyle retail stores operating under the Turtle brand, with 28 Turtle shops and 10 SuperRich Turtle locations across Thailand.
• Rabbit Card
• Rabbit Rewards
• Rabbit Cash
• Rabbit Care
• V-Click Technology

Products and services

• O2O Solutions VGI's proprietary offline-to-online advertising solution combining out-of-home media (transit, building, outdoor, direct-to-consumer) with online digital advertising and consumer data analytics to deliver targeted, measurable campaigns reaching consumers across multiple touchpoints. Designed for enterprise advertisers and brands.
• Transit Advertising Out-of-home advertising covering the BTS mass transit network in Bangkok with 84 stations, 170 train LCD screens, and 6,800+ digital and static displays, reaching millions of daily commuters.
• Building Advertising Indoor advertising across office and residential buildings in Bangkok, covering 209 buildings with 1,890 screens, including MBK Mega LED and Empire Tower Mega LED landmark digital displays.
• Street/Outdoor Advertising Billboard and outdoor street advertising covering key Bangkok areas with 137 billboards, 132 BTS station digital screens, and 309+ under-bridge displays at major intersections.
• Direct-to-Consumer Product demonstration and event marketing services operating through a nationwide network of 1,000+ stores and 300+ clients, reaching over 40 million annual audience interactions, including in-store demonstrations and mini events.
• VGI Digital Lab VGI's digital marketing agency offering omnichannel online and offline marketing solutions, including data targeting products, media planning, artwork adaptation, and optimization and reporting services powered by proprietary consumer transaction data.
• Rabbit Card A stored-value card used for BTS fare payment and purchases at partner retail stores across Thailand, with over 20 million cards issued and 25,000+ retail readers.
• Rabbit Rewards A loyalty program for Rabbit Card users where every spending earns points redeemable for stored value, product discounts, or e-vouchers from partner merchants; reporting over 9 million registered members and 750k+ monthly active users.
• Rabbit Care A marketplace for insurance and financial products offering price and benefit comparison, with 70+ partner products and 4.0 million+ users.
• Rabbit Cash An unsecured digital lending provider regulated by the Bank of Thailand, with THB 1,200 million+ in loan outstanding.
• Turtle Shop Lifestyle retail stores under the Turtle brand located on BTS stations, with 28 Turtle shops and 10 SuperRich Turtle outlets across Thailand, offering brand awareness and product trial experiences.
• China Online Solutions (V-Click Technology) A joint venture with iClick Interactive (V-Click Technology) providing marketing solutions targeting Chinese tourists in Thailand, leveraging data reaching 930+ million China internet users and premium online media placements.

Quantifiable outcome

• O2O multi-channel campaigns deliver 2x campaign effectiveness versus single-channel campaigns
• +5 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• Plan B (Plan B Media)coreStrategic or Co-development PartnerVGI strengthened its partnership with Plan B in 2026 to expand digital and distribution businesses for long-term growth. Plan B is a media and distribution partner within VGI's ecosystem, contributing to VGI's digital business expansion and distribution network development.
• iClick Interactive Asia GroupcoreStrategic or Co-development PartnerVGI partnered with iClick Interactive to establish the joint venture 'V-Click Technology' targeting Chinese tourists in Thailand. This China Solutions platform enables advertisers to reach 930+ million China internet users with premium ad placements and data-driven targeting for the Chinese travel market segment.
• Rabbit Group (Rabbit Card, Rabbit Rewards, Rabbit Care, Rabbit Cash)coreStrategic or Co-development PartnerVGI operates within the Rabbit ecosystem managed by BSS Holdings (BSSH), part of BTS Group. The ecosystem comprises Rabbit Card (24.5M+ users), Rabbit Rewards loyalty program (9M+ members), Rabbit Care insurance marketplace (4M+ users), and Rabbit Cash digital lending, all integrated into VGI's O2O advertising and digital services platform.
• Jaymart (Public Company)coreStrategic or Co-development PartnerVGI partnered with Jaymart to expand its distribution presence and network. Jaymart is a holding company in mobile retail, wholesale distribution, debt collection and management, property development, personal loans, and new business ventures, complementing VGI's distribution and retail operations.
• FanslinkminorStrategic or Co-development PartnerVGI partnered with Fanslink through an investment by subsidiary BSSH. Fanslink is an e-commerce service provider and leading brand management company for Chinese brands. The partnership leverages Fanslink's innovative e-commerce business model together with VGI's ecosystem to create strategic synergies providing value-added products and services.
• Super Turtle / SuperRichminorChannel Partner/ Reseller/ DistributorSuper Turtle (SuperRich) is a partner providing currency exchange and financial services through 10 SuperRich Turtle branches located at BTS stations, integrated into VGI's Turtle retail shop ecosystem.
• Chao Phraya (AdsChaophraya)minorChannel Partner/ Reseller/ DistributorListed as an ecosystem partner providing additional advertising or media distribution services within VGI's partner network.
• AEON Card (AEON)coreStrategic or Co-development PartnerVGI offers a co-branded AEON Card combining Rabbit and AEON features, enabling consumers to access instant micro-loans. The card has over 1,500 outstanding loans and 100,000 users, integrating financial services into the Rabbit ecosystem.

Scale indicators16 records

Recent moves6 records

Expansion highlights6 records

Regional players

• Focus Media: Focus Media is China's leading building elevator and OOH advertising network. It is comparable to VGI as Asia's largest OOH operator with a building/in-building advertising focus similar to VGI's building pillar, though geographically concentrated in China.
• Ströer: Ströer is a German OOH and digital out-of-home advertising company with transit and urban media focus. It is comparable to VGI as a mid-sized regional OOH operator with digital integration strategy and a similar outdoor-plus-DOOH revenue mix.

Broad incumbents

• Outfront Media: Outfront Media is a US-based OOH advertising company operating transit and billboard media across North America. It is comparable to VGI as a publicly listed OOH peer with a similar transit-led business model and exposure to commuter audiences.
• Clear Channel Outdoor: Clear Channel Outdoor is a US-listed global OOH advertising company operating billboards, street furniture, and transit media. It is comparable to VGI as a publicly listed OOH incumbent with similar revenue model and reliance on transit and urban physical inventory.
• Dentsu Group: Dentsu is a major Japanese advertising holding company offering media planning, buying, and integrated marketing services globally. It is comparable to VGI as a broad advertising incumbent with overlapping media buying and digital advertising capabilities relative to VGI Digital Lab.
• Lamar Advertising: Lamar Advertising is a major US OOH billboard operator with nationwide outdoor inventory. It is comparable to VGI as a publicly listed OOH incumbent focused on outdoor/billboard media similar to VGI's street and billboard portfolio.
• JCDecaux: JCDecaux is the world's largest outdoor advertising company, operating street furniture and transit media globally. It is comparable to VGI as a global OOH incumbent with similar transit-led and urban inventory strategy, though at much larger scale and geographic breadth.

Others

• iClick Interactive: iClick Interactive is VGI's joint venture partner in V-Click Technology and a leading Chinese digital marketing technology company. It is comparable as a strategic partner operating in adjacent online marketing with data targeting capabilities serving Chinese advertisers and travelers.

Emerging players

• Hivestack: Hivestack is a programmatic digital out-of-home (DOOH) advertising platform. It is comparable to VGI as an emerging technology provider focused on data-driven, automated OOH advertising that intersects with VGI's digital targeting and O2O efforts.

Direct peers

• Plan B Media: Plan B Media is a leading Thai media and advertising company and VGI's direct competitor and partner in Thailand's OOH and digital advertising market. It operates overlapping transit, outdoor, and digital media inventory and is the most direct comparable domestic peer for VGI.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/vgi-global-media-pcl-vgi-

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about VGI Global Media