How Bangkok Motor Show 2024 generated revenue of billions and how it impacted the annual revenue?
With the upcoming BIMS 2024, Grand Prix International PCL (GPI) has announced an investment of 300 million baht (over 200 billion Vietnamese Dong) to organize a premier regional exhibition. This investment indicates the high expectations of revenue from the Bangkok Motor Show.
Who is behind the Bangkok Motor Show?
Since its inception, the Bangkok International Motor Show (BIMS) has been organized by Grand Prix International PCL (GPI).
GPI, established in 1970 and renamed in 1982, is a company specializing in organizing events related to automobiles. The company also publishes various publications related to the automotive industry, including the top-selling Thai Grand Prix magazine.
Dr. Prachin Eamlumnow, the founder of GPI, is known as the “King of Auto Exhibitions” in Thailand. He initiated BIMS in 1979 and has a passion for cars from a young age. Dr. Prachin Eamlumnow also founded the Car of the Year awards in Thailand.
GPI’s major breakthrough came in 1979 when they successfully organized Thailand’s first auto exhibition. BIMS has been organized 44 times, with the upcoming event in March marking its 45th year. Over the past 45 years (excluding the year 1981), BIMS has attracted an average of over 1.3 million visitors, reaching 1.6 million in the past two years. Since its 11th year, BIMS has consistently exceeded the one million visitor mark, with a peak of over 2 million visitors in 1996.
How much revenue does GPI generate from BIMS?
GPI derives its revenue from three main sources: BIMS, marketing and promotion outside exhibitions, and other events such as used car exhibitions, racing, and air shows.
According to Longtunman, a media company, the main source of revenue for GPI is trade exhibitions, accounting for 83% of its total revenue. Print publications contribute 10%, and printing services for other companies make up 7% of the revenue. Notably, BIMS alone generates 70% of the total revenue, equivalent to 500 million baht.
Although this information was provided by Longtunman in 2016, Dr. Prachin Iamlumnao, CEO of GPI, confirmed the figures in 2022, signaling the recovery of BIMS after the pandemic. In an interview regarding GPI’s revenue, Dr. Prachin Iamlumnao revealed that the company earns approximately 500-600 million baht per year from automotive exhibitions.
Based on the 70% revenue figure, BIMS 2023 is estimated to bring in around 440 million baht. GPI reported a revenue of 627.68 million baht in 2023. Looking ahead to BIMS 2024, the financial report projects a 15-20% increase in revenue compared to the previous year. If the target is achieved, GPI could earn over 500 million baht.
Clearly, the success of BIMS brings significant benefits to GPI. With estimated revenue as mentioned above and considering additional indirect effects, the investment of 300 million baht is indeed worthwhile.