May 30 – Loob Ventures, a private venture entity by Loob holding CEO Bryan Loo and partners, is making a strategic investment into Malaysia’s lifestyle and digital media company Good Foodie Media, marking Loob’s first entry into digital media space. While the monetary value of the investment was not shared, Loo, founder and CEO of Loob Holding said the move was a strategic one to “enable more SME players in the F&B industry to have affordable access to digital platforms”.
In an interview with A+M, Loo said the company sees its stake in Good Foodie Media as a journey to build its brands, for Tealive, Bask Bear Coffee and others. Loo shared that Good Foodie Media has great content that is very relatable to its customers, and shares a similar aspiration and similar understanding that for an F&B operator, advertising is not just straightforward.
“The right targeting tactics are equally important and Good Foodie has a great platform with genuine followers,” said Loo. “We thought it would be beneficial to take a strategic stake in the business too. That way, we can contribute to the F&B community, especially the small operators.”
Good Foodie Media was first established in 2016 by founding trio of Nicholas Lim, Edward Lim and Ang Rui Mei, and sought to present local culinary stories to the global stage. The trio’s foray into the media business began with Penang Foodie, which took them across the breadth of the island in search of not only the forefront of the local culinary scene, but its storied food heritage as well. Not long after, the company expanded its reach the Klang Valley with the establishment of KL Foodie in 2018.
Today, the company operates 13 different media titles in five major cities across three countries, with stakes in food, travel, lifestyle, e-commerce, and current affairs. These include, KL Foodie, Penang Foodie, Johor Foodie, Bangkok Foodie, Singapore Foodie, Foodie ChiHuo, Halal Foodie, Travel Rookie, Malaysia Homie, Malaysia Pickie, Singapore Pickie, Review Mantap and Wau Post.
Some of the brands the media company has worked with include Nestlé, McDonald’s, KFC, Maybank, CIMB Bank, Grab, AirAsia, Tealive and many others.
Loo added that the partnership came about as Loob Holding was a client of Good Foodie Media’s. “Typically, we think most digital media platforms focus 80% on multinationals, and 20% on the larger SMEs. We’re convinced that if Good Foodie Media can focus 80% to 90% on SMEs or even the micro-businesses, we will not be competing in the same space. As such, we’re not going to disrupt the media industry, but to better serve the under-served community. In doing so, perhaps getting access to digital media will be more affordable for the small operators,” said Loo.
He added that the fact that Good Foodie Media served the mom & pop stores during these challenging pandemic times with a clear purpose is what has made them successful today. This vision was in line with Loob Holding, which shares a similar aspiration and similar understanding that for an F&B operator.
“One of the greatest critical success factors is Good Foodie Media’s development coupled with effective videography that’s non-pretentious, natural, raw and relatable to everyone. The videos are short, don’t look very glamorous and certainly without the professional finish. This is what made the content so relatable to the masses. Once people are attracted to the content, they become real customers at the store,” said Loo.
Meanwhile, Good Foodie Malaysia’s founder Nicholas Lim added that the company hopes to leverage on Loob’s Malaysian and regional expertise in the beverage business to get us a leg up in the F&B social media scene in Malaysia and across the region. “This is in addition to the shared values upheld by our teams which will indubitably prove to be a strong asset as we collaborate strategically,” he added.
With the partnership, the company is also looking to become more content-driven, bringing value to both our audience and stakeholders.
In the near future, Good Foodie Media will aim to expand into the East Malaysian market, as well as to neighbouring regions in Southeast Asia including the Philippines and Indonesia.
Given Malaysia’s rich association with gastronomy, Good Foodie Media believes that food can act as a true unifier among communities, and the company also aims to foster a digital community that will aid in the growth of local businesses and eateries by sharing their stories through media. To date, Good Foodie Media titles have accrued over 10 million followers with a combined reach of over 100 million people across social media. The company’s main demographics include a blend of both locals as well as international audiences that span a wide gamut of ages, from 13 to 65, that all share the common interest of food.
Source: Marketing Interactive