NEWS: Foodie Media banks on changing in adex spend
KUALA LUMPUR (Nov 28): Foodie Media Bhd (KL:FOODIE) expects a continued rapid shift in advertising expenditure (adex) from traditional media to digital platforms, which bodes well for the company’s earnings outlook.
Chief executive officer Nicholas Lim Pinn Yang said the group’s “digital-first since day one” approach places the company, a publisher best known for its KL Foodie brand, at an advantageous position as consumer attention now moves towards mobile and social media platforms.
“We are in the right segment where consumer attention is digital, mobile-first ... The digital ecosystem will continue growing for the next decade and we are confident that the segment that we're in is very healthy and positive," Lim told reporters at a press conference after the company’s listing ceremony on Friday.
The structural shift in advertising has accelerated in recent years, contributing to a tough operating landscape for traditional publishers, Lim noted.
This shift has been underpinned by Malaysia’s highly engaged online audience — 70% of Malaysians are active social media users, above the global average of 64%, according to a recent Kenanga note, citing Meltwater’s 2025 report.
Malaysians also spend an average of two hours and 46 minutes daily on social media platforms, the third-highest in Southeast Asia, the report said.
Separately, Kenanga, citing Providence Strategic Partners, said digital media’s share of Malaysia’s total adex grew from 23% in 2019 to 31% in 2023, while traditional media contracted at a negative 0.2% compounded annual growth rate as its share slid from 77% to 69%.
Shares of Foodie Media opened at 35.5 sen, an 18.3% premium to its initial public offering (IPO) price of 30 sen. As at 11.15am, the stock traded at 42 sen, valuing the company at RM372 million with 126.13 million shares exchanged.
At its last price, the counter has surpassed almost all analysts’ target prices, except for Malacca Securities’ higher-end estimate of 47 sen.
Foodie Media is now broadening its service offerings beyond digital publishing to include influencer (KOL) marketing, affiliate commerce, campaign management and full-funnel digital solutions, Lim shared.
“Since day one, we have been profitable, our margin is good. To move forward, we really have to do the same thing as we did day one — producing the best quality content to audiences, not just in Malaysia but Southeast Asia,” the CEO said.
He added that Foodie Media’s mission remains rooted in supporting local small- and medium-sized businesses (SMEs), particularly food & beverage operators.
“We really want to help local SMEs and F&Bs (food and beverage firms) because they have a huge unfair advantage — they just don’t know how to promote their businesses online. Very costly for them to advertise. So that’s our mission,” he said.
“At company level, we know we are not food critics; we are a food publisher telling people what is new, what is trending, what is popular for both locals and tourists. We let our audiences be the reviewer… it’s very open.”