Society Pass Inc. (Nasdaq: SOPA) (“SoPa” or the “Company”), Southeast Asia’s (SEA) next generation, data-driven, loyalty, fintech and e-commerce ecosystem, and Thoughtful Media Group Inc ("Thoughtful Media Group" or "TMG"), a Thailand-based social commerce-focused, premium digital advertising network of the SoPa ecosystem, announces that Greenridge Global LLC (“Greenridge”) has initiated equity research coverage on TMG.

Click Here (on Society Pass website) to view the full Greenridge Equity Research Report.

Summary Points:Corporate Summary: Founded in 2010, TMG aims to be the premier digital advertising firm in SEA and offers creative strategy, content creation and production, media placements and targeted distribution, and performance analytics services. It also connects advertisers, brands and merchants with its network of over 10,000 influencers to target consumers in SEA through its social media-centric advertising platform. The Company boasts a client list of over 500 brands, from local to globally recognized, and has a client satisfaction rate of 98%.

Valuation: Based on an EV/Revenue multiple of 3 times its 2025 Revenue estimate of $23 million and discounted back one year at 20%, Greenridge values TMG at $60 million. It states that TMG’s huge organic growth and SEA influencer market’s fast growth as bases for its valuation estimate.

Upcoming 2024 IPO: SOPA intends to spin out and publicly list TMG via Nasdaq IPO in 2024.

Huge Market Potential: SEA influencer marketing services already generates over $600 million in turnover and is poised for exponential growth due to SEA’s young population, 482 million active social media users, and 10 hours per day of daily online usage.

Highly Attractive Demographics: Outside of Thailand, the median age of the other four SEA target countries is around 30 years old, which is far below that of more developed countries, including China. The low median age is significant as this age group are prevalent users of the Internet and social media. Internet penetration is between 72% and 96% across the five key countries, with mobile penetration even higher as there are 1.28 to 1.63 mobile devices per person. Social media usage is also higher in SEA, at between 60% to 78% penetration, for a total of 482 million active social media users. After adjusting for those individuals age 18 and over, the usage rate increases to 79% to 102%.

Robust Business Strategy: TMG businesses include multi-channel network, premium advertising, social commerce, sports marketing, a production house, and music entertainment. These verticals blend to give TMG the ability to sign an advertising client and generate revenue from that engagement, earn fees on the production of the content, as well as the content placement and distribution. In effect, TMG provides a complete advertising/marketing platform to brands targeting SEA by leveraging its network of content creators and regional footprint.

Wide Operational Footprint: Thailand-headquartered TMG opened offices in Vietnam, Indonesia and Philippines in the last twelve months, with offices in Singapore and Malaysia scheduled in the next few months. Greenridge expects the larger local footprint attracts more local advertising clients and expand its influencer network.

Strong Revenue Growth: Recent acquisitions and organic initiatives should drive revenues starting in Q4 as TMG accelerates its Premium services and launches in the event space.

Society Pass Ecosystem: TMG is part of the Society Pass ecosystem, which includes a collection of service providers targeting middle to upper class consumers in SEA. The platform is based on the Society Pass Loyalty Wallet and enables consumers to earn Society Points for purchases on platform companies. TMG accesses an increasingly large collection of timely consumer data in its key markets for advertising purposes.

About Thoughtful Media Group Inc.Founded in 2010, Thoughtful Media Group is the leading digital advertising platform in SEA. Through our network of more than 10,000 talented creators across multiple industries in Thailand, Vietnam, Indonesia and Philippines, we help brands maximise marketing budgets and achieve business objectives through some of the most innovative marketing campaigns in the region.

In July 2022, Society Pass (Nasdaq: SOPA), the next generation acquisition-focused fintech and e-commerce ecosystem in SEA, acquired TMG. Since then, TMG has fully evolved into a digital-first and fully integrated advertising powerhouse, servicing creators and advertisers in SEA.

For more information on TMG, please visit:

Website at orLinkedIn at orInstagram at orFacebook at orTwitter at

About Society Pass Inc.Founded in 2018 as a data-driven loyalty, fintech and e-commerce ecosystem in the fast-growing markets of Vietnam, Indonesia, Philippines, Singapore and Thailand, which account for more than 80% of the SEA population, and with offices located in Bangkok, Ho Chi Minh City, Jakarta, Manila, and Singapore, Society Pass Incorporated (Nasdaq: SOPA) is an acquisition-focused holding company operating 5 interconnected verticals (loyalty, digital media, travel, telecoms, and lifestyle), which seamlessly connects millions of registered consumers and hundreds of thousands of registered merchants/brands across multiple product and service categories throughout SEA.

Society Pass completed an initial public offering and began trading on the Nasdaq under the ticker SOPA in November 2021.

SoPa acquires fast growing e-commerce companies and expands its user base across a robust product and service ecosystem. SoPa integrates these complementary businesses through its signature Society Pass fintech platform and circulation of its universal loyalty points or Society Points. Society Pass loyalty program members earn and redeem Society Points and receive personalised promotions based on SoPa’s data capabilities and understanding of consumer shopping behaviour. SoPa has amassed more than 3.7 million registered consumers and over 650,000 registered merchants and brands. It has invested 2+ years building proprietary IT architecture to effectively scale and support its consumers, merchants, and acquisitions.

Society Pass leverages technology to tailor a more personalised experience for customers in the purchase journey and to transform the entire retail value chain in SEA. SoPa operates Thoughtful Media Group, a Thailand-based, a social commerce-focused, premium digital video multi-platform network; NusaTrip, a leading Indonesia-based Online Travel Agency; VLeisure, Vietnam’s leading provider of hotel management and payment solutions; Gorilla Global, a Singapore-based, mobile network operator; Leflair, Vietnam’s leading lifestyle e-commerce platform.

For more information on Society Pass, please visit:

Website at orLinkedIn at orFacebook at orTwitter at orInstagram at

Cautionary Note Concerning Forward-Looking StatementsThis press release may include “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate”, “believe”, “estimate”, “expect”, “intend” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the SEC. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus relating to the Company’s initial public offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Media Contact:Rokas SidlauskasChief Marketing

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