KUALA LUMPUR: AirAsia Group Bhd expects its non-airline ticketing business to contribute 60% to revenue, from about 20% currently, in the next five years, said group CEO Tan Sri Tony Fernandes today.
The low-cost carrier has diversified into financial technology with e-wallet and accompanying prepaid credit card BigPay; food and beverage industry with the recent opening of its restaurant, Santan; and followed by its entrance in the music industry with the launch of its record label, RedRecords, today.
“As we celebrate 18 years of operation for AirAsia, we are focused on transforming the airline into a global digital travel and lifestyle leader.
“Now we are heading back to our musical roots to revolutionise the future of Asian pop culture and give it the worldwide stage it deserves,” he told reporters after announcing the group’s 50:50 joint-venture with Universal Music Group to set up RedRecords.
To-date, AirAsia’s airline ticketing business constituted 80% of its earnings. – Bernama
