1. Startups

Vidio Targets Increase in Number of Customers to 8 Million Ahead of IPO

Vidio will also raise new funding, building on its $45 million acquisition in 2022 from Sinarmas, DSST, Grab, etc

According to a report from Bloomberg, Vidio is in the preparation stage to double the number of paying subscribers to 8 million in the next 2-3 years. This effort is part of their strategy to go public or an IPO in a market that still has plenty of room for growth.

Vidio, which is owned by Indonesian media conglomerate PT Elang Mahkota Teknologi Tbk., also plans to raise new funds this year that will be used to expand its services. streaming-his. Vidio CEO Sutanto Hartono stated that the company would continue its IPO plans after market conditions showed more positive signals.

Previously in 2022, Vidio had time announced $45 million in funding from the Sinarmas Group, namely PT Dian Swastika Sentosa (DSSA) through its subsidiary PT DSST Mas Gemilang (DSST). Other investors who participated included, among others Grab LA Pte Ltd (Grab), PT Ekonomi Baru Investasi Teknologi (EBIT), a subsidiary of the Bali United football club.

With a young population of more than 270 million people, Indonesia is one of the fastest growing economies in Asia. However, the digital media sector in the country is still in its early stages of development. The dominance of terrestrial television and low 5G penetration are the main obstacles.

On the other hand, total income video online in Indonesia is predicted to grow to $2,25 billion in 2028 from $1,3 billion in the previous year, according to Media Partners Asia. Meanwhile, the overall economic impact of the film and television industry in Indonesia is expected to increase to around $10 billion by 2027.

Vidio has also taken strategic steps to expand its reach and influence in the local market by focusing on sports content and producing interesting original series, such as the drama entitled "Ratu Adil". The company also has plans to attract audiences from TikTok by offering series that are two to three minutes long.

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Vidio's success in doubling the number of its paying subscribers will not only benefit them in their IPO plans, but also marks significant progress in the adaptation and growth of streaming services in Indonesia, especially as 5G penetration begins to expand across the country.

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Disclosure: This article was produced with AI technology and supervision of the content writer
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