Indonesia’s Vidio aims to double paid subscribers amid funding, IPO plans: report

Vidio app / Photo credit: Vidio

Vidio, an Indonesia-based streaming platform owned by local conglomerate Emtek Group, is aiming to boost its number of paid subscribers to 8 million over the next two to three years, Bloomberg reported. The target would roughly double the 4.1 million paid subscribers it claims to have as of 2023.

The goal comes as Vidio plans for an IPO, as well as a fundraise through its parent company, Emtek managing director Sutanto Hartono told the publication.

Despite having a higher paid subscription count than rivals like Viu, Disney+, and Netflix in Indonesia, Vidio comes in second to Netflix on metrics like premium viewership and monetization, per data from consulting and research firm Media Partners Asia.

However, Hartono believes the Indonesian market is approaching a tipping point where paid streaming subscriptions become commonplace in consumers’ daily lives. To transition more customers from traditional TV, Vidio is emphasizing sports broadcasts and local soap operas, among other strategies.

Previously, Hartono disclosed that Vidio has a valuation of US$945 million – near unicorn – after its latest US$45 million funding from Sinar Mas Group, Grab, and Bali United in June 2022.

However, Vidio is still unprofitable. For the nine months ending September 2023, Vidio recorded US$42.7 million in losses – a 53% increase year on year – although net revenue was up by 40% to US$48.5 million over the same period.

With Indonesia’s digital media market on the rise, US$2.25 billion in online video revenue is forecasted by 2028, compared to US$1.3 billion in 2023, according to Media Partners Asia. The expected nationwide rollout of 5G technology could further fuel growth in digital streaming.

See also: Emtek’s Vidio claims to have Indonesia’s streaming crown, but sees heavy losses