Indonesian conglomerate MNC Group pours $40m into entertainment platform Migo

Indonesian conglomerate MNC Group, via its subsidiary MNC Vision Networks (MVN), announced that it has invested US$40 million for a minority stake in entertainment platform Migo.

Migo user / Photo credit: Migo

Barrett Comiskey, who invented the electronic ink technology used by Amazon’s Kindle, began building Migo in 2009. The service lets users access movies and TV shows by connecting their smartphones to Migo Hotspots or brick-and-mortar locations and allows them to download video content without using any mobile data. Users can then buy a limited-time pass to watch this content offline.

The company has previously received funding from prominent investors such as Temasek, Vickers Venture Partners, Provident Capital, and Gojek commissioners Ray Zage and Pandu Sjahrir. It currently has operations in Indonesia, the Philippines, and Taiwan.

Migo plans to use the fresh funds to scale its network of download stations from the current 300 locations in Jakarta to 10,000 locations across Java island by 2022. The move would enable its services to reach 100 million working-class Indonesians. It also aims to achieve 20 million paid monthly watchers and an average monthly spend of 15,000 rupiah (around US$1) per customer by 2025.

As part of the investment, content from MNC Group’s over-the-top video platform, Vision+, has been made available on the Migo service. MVN president director Ade Tjendra and marketing head Clarissa Tanoesoedibjo will also join Migo’s board of commissioners.