KUALA LUMPUR: AirAsia Group Bhd expects its non-airline business to contribute 60% to its revenue from about 20% currently in the next five years, said group chief executive officer Tan Sri Tony Fernandes today.
The low-cost carrier is diversifying its business, venturing into the food and beverage industry with the recent opening of its restaurant, Santan, 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 here today. - Bernama
