Vidio, one of the largest local OTT platforms, announced it has received $150 million (Rp2.1 trillion) funding from Affinity Equity Partners (Affinity), the largest private equity in Asia. Previously fully owned by Emtek Group under Surya Citra Media (SCM), it’s Vidio’s first external injection. The platform has a $750 million pre-money valuation and the funding has inflated its valuation to near unicorn/soonicorn status.
According to Emtek’s latest (Q3 2021) financial report, Vidio has Rp362 billion of total assets.
With this investment, Affinity will join Vidio’s board of directors and will partner to accelerate its growth and expand its Indonesian market leadership. The company also plans to expand the original series contents, enrich the program by adding sports content licenses, and invest in advancing user experience.
“This marks a new milestone for Vidio as the largest OTT platform in Indonesia. We strive to continue to focus on users by offering the best streaming experience and the most complete exclusive premium content for users. We are very proud to partner with Affinity, and with this partnership and supported by the best talent at our disposal, we will take a huge leap forward in delivering outstanding quality and value to Vidio customers,” Sutanto Hartono, Vidio’s CEO, said.
As of September 2021, Vidio has 62 million subscribers. Several research firms also rank them as the #1 OTT platform in Indonesia. In August 2021, Comscore ranked Vidio as the #1 ranked app with the largest unique viewers. And MPA ranks them as the OTT with the highest daily active users in Southeast Asia in Q2 2021.
Vidio offers live programs and video on-demands. It includes original series, local/international movies, and live shows. One of the value propositions is on sports programs, such as UEFA Champions, La Liga, NBA, F1, and many more.
“We are very pleased to partner with Emtek Group and Vidio in continuing to build the best OTT, which represents the future of the media sector in Indonesia. Emtek’s digital and media ecosystem, plus Vidio’s position at the forefront, and a strong management team, are important factors in Vidio’s success journey in Indonesia’s highly dynamic OTT industry. Affinity will leverage its extensive network across Asia to support Vidio’s growth initiatives, particularly in the areas of content and gamification to enrich live streaming content,” said Benny Lim, Affinity’s Managing Director and Head of South East Asia.
