After positioning itself as India’s youth brand and a trendsetter in music and entertainment, Viacom 18’s MTV plans to enter a new sphere of consumer’s lifestyle: food and beverage.
In order to expand its purview of engagement with consumers, Viacom18 Consumer Products will extend MTV from broadcast and digital space to an always on on-ground experience by introducing the first ever café –FLYP@MTV cafe which hinges on the concept of work, chill and play, in association with Funbars Hospitality Pvt Ltd.
While MTV has licensed out the brand and creative content, and will arrange events for Flyp in return for royalties, Funbars will oversee operations of the outlets.
As per the FICCI-Grant Thornton report on the industry, F&B is growing at a CAGR of 23 to 24 per cent. By 2017, the industry is estimated to touch $ 58 billion.
What is more interesting to note is that 58 per cent of the industry’s consumer base, who go out and eat, is within the age group of 18 to 30 years of age. That’s a bulls eye target group for MTV in India, and self-explanatory of why company want to capitalize on the same.