In a video posted on the Shark Tank Fanpage, Shark Minh Beta shared his motivation for starting a business in the entertainment and media industry, as well as the factors that help Beta maintain competitive pricing while ensuring service quality.
According to Shark Minh, the main driving force behind a Harvard alumnus’ decision to start a low-cost cinema chain model was the belief that “the field related to media and entertainment can have a profound impact on the audience.”
“We want to create products that give the audience new thoughts and perspectives on life, thereby changing some notions and promoting their dreams,” said Shark Minh.
The entrepreneur noticed that the film market at the time they entered had a lot of potential. At that time, only a few major companies pursued the traditional movie theater model in the premium segment, while many Vietnamese people with low incomes had difficulty accessing it.
Therefore, after returning to Vietnam from the US, Shark Minh started a business with the Beta Cineplex low-cost movie theater project, starting in Thai Nguyen. From a capital of 5 billion VND, Beta Cineplex was valued at 1,000 billion VND after more than 6 years.
Sharing the secret to Beta’s competitive pricing while delivering an unforgettable “7th art” experience that rivals higher-positioned cinema clusters, Beta’s founder pointed out three factors.
First, Beta chose a rental location that was not too expensive and easily accessible to the target customer group. At the same time, they optimized the design and construction to reduce investment costs while maintaining service quality and facilities that met the standards.
“At Beta, we invest in a projection and sound system identical to those of other cinema clusters but reduce investment costs by using affordable domestic materials and optimizing the design to make efficient use of space”, said Shark Minh.
In the future, Beta Cinema will inaugurate two cinema clusters in Ho Chi Minh City (District 1 and Binh Thanh) and expand to other provinces in Vietnam.
In addition, Shark Minh also cherishes the dream of participating in film projects as a director. Besides business activities, Beta Cinema also engages in community support projects, especially in the field of documentary film distribution, to reach a wider audience.
Before becoming famous as a “shark” in Shark Tank, Shark Minh Beta attracted attention with his startup story. He graduated from the University of Sydney (Australia), received a Fulbright scholarship, and earned an MBA from Harvard University.
Shark Minh Beta initially started a business with Doco Donuts coffee and bakery chain with a capital of 300 million VND. The young entrepreneur took only three months to recoup his investment and then opened six stores until he withdrew capital to go to the US.
In 2014, Minh Beta returned to Vietnam to build his first movie theater cluster in Thai Nguyen. At that time, Beta Cinemas was the first cinema cluster targeting middle-class customers, not directly competing with other segments in the market, so it developed rapidly. He is also a speaker, inspiring many young people with his business stories.
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