Creative Annual General Meeting (AGM) 2008 ~ Creative Labs Zen MP3 Players Sound Blaster Card
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Tuesday, November 4, 2008

Creative Annual General Meeting (AGM) 2008

We attended the Creative's 2008 AGM - Annual General Meeting on 31 Oct 2008 and now reporting 'live' at we heard over there. Its also the first time we have seen Mr Sim, Creative Chairman and CEO in person. He is the 2nd person seated from the right. Its a 1.5 hrs long meeting with a lot of questions asked. The above is a short video clip of the AGM (The actual AGM is too big to be hosted. If you are interested do drop us a note)

This is the summary notes of the whole AGM:

- Mr Sim briefly mentioned about the new business model, will not be concentrating on mp3 player. He said 'enough of mp3 players... and during bad times like the credit crisis which resulted in whole recession, few people will buy PDE products such as mp3 players, webcam, etc'. The new product will most likely be a business product something like the InPerson, not a new mp3 player :( Mr Sim refuses to elaborate more as he do not want to leak out anything as this is a very competitive market. The new product will be announced in the next quarter.

- Creative is now practically debt free with all their debts fully paid. And the US$183 million is not added onto the US$280 million cash that they have. The NAV of the company is about US$4 plus or about S$6.00. This is higher than the price that is trading at the SGX. Mr Sim says its 'dirt cheap' at this current price of only S$3.00.

- About Apple, Mr Sim stress that Creative is not competing with them. Apple is a big company with big budget and can do great marketing campaign. Creative is competing with Apple on grounds which Apple cannot have a competitive advantage which is the price and audio technology.

- Mr Sim also mentioned about his strategy to spend less on the marketing activities. He rather prefer products to be sold by the internet and viral marketing to be spread and promoted by the word of mouth. A big lesson learnt is the US$100 million marketing expenses that he had thrown into the drain when fighting head ons against Apple in 2004.

- Mr Sim will not be reducing R&D expenses as it is the life and soul of Creative Labs. However, he will be reducing engineers from the US and Europe regions and replenished them from Asian region such as China and Singapore.


Varuna Singh said...

YES Please post the whole video af AGM.. say in Google video .. I'll try making out what they are saying and drop in subtitles if possible !
Where was this held ?
(Great job !)

I like their optimism and determination.

lol @: "Your money is in safe hands"

Varuna Singh said...

OMG I can't believe they hinted on Zii Labs at the beginning pf the later posted video! Good job!

Jimmyboy88 said...

really? you sure dig it out! :)

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