Vithita Animation is cutting its growth goal for animation and cartoon revenue by half to only 10 per cent this year after the first six months saw a slowdown in the overall market as consumers were not in a good frame of mind.
"Although the market is getting better, we still have to work hard in the second half of this year to achieve our target growth," general manager Santi Laohaburanakit said yesterday.
More work was being assigned to the company, he said.
"Our strategy is to develop new innovative animations and create differentiation in the animation industry," he said.
The company has also set its focus on both the domestic market and export potential.
Founded in 2001, Vithita Animation has produced 14-15 animation series, with 30-50 episodes each. The company started to export its animation products after the first couple years of doing business in Thailand. "Pang Pond" was the company's first venture abroad. It aired on a cable TV channel in Hong Kong and was shopped around in other Asian markets with potential.
Its revenue comes mainly from developing its own content and taking on assignments from domestic and overseas clients. The business of assigned projects should be restored next year if the company can close deals this year. The company has also moved into mobile media content to supplement its revenue, but it's not a main source.
The company estimates the overall animation market at about Bt5 billion-Bt6 billion with 15-per-cent growth each year.
However, animation products from domestic companies contribute only 5-10 per cent to the overall market while more than 50 per cent comes from Japan and the rest from the West.
"Thailand's animation industry is still weak compared to Japan. Our staff need to be more developed and we also need an opportunity for our products to be broadcast," Santi said.
Vithita's latest animation series called "Little Merchant with Great Heart" will start showing on Channel 7 this August 17.
The 26-episode series cost about Bt0 million to produce and market. The company expects it to return Bt10 million from advertising and events.
The company said it might consider talking to the Stock Exchange of Thailand and Thai Health Promotion Foundation about sponsoring the show since the story is about educating the young generation on trade and honesty.
"The programme will start at 26 episodes but we hope to gain good feedback from viewers. If so, we'll continue with the second and third season before expanding to a comic book," he said.
This year will have three Vithita Animation TV series running, including "Pang Pond", which will air on Channel 3, and the other two series on Channel 7.