Affinity Equity Partners (Affinity), an Asian private equity firm, will invest $150 million into PT Vidio Dot Com (Vidio), an Indonesia over-the-top (OTT) platform owned by PT Surya Citra Media Tbk (SCM) and backed by PT Elang Mahkota Teknologi (Emtek Group), at a $750 million pre-money valuation.
This is Vidio’s first external round of fundraising and sees SCM, Indonesia’s broadcasting and digital media company, and the Emtek Group partner with Affinity to turbocharge Vidio’s growth in Indonesia and solidify its position as a market leader.
With the investment, Affinity will join the board of Vidio and will partner Vidio to turbocharge its growth and extend its market leadership in Indonesia, said Vidio in a statement.
This investment also supports Vidio to expand its successful Indonesian Original Series franchise, license additional key sports content rights, and invest in building out its live stream and engagement capabilities.
“We strive to continuously focus on users by offering the most reliable streaming experience and the most complete exclusive premium content. We are extremely pleased that Affinity has agreed to be our partner, and with their investment and supported by the best talent in our market we will take big leaps forward in delivering great quality and value to our Vidio viewers and subscribers,” said Vidio Chief Executive Officer Sutanto Hartono.
Being part of the Emtek media and digital ecosystem, Vidio benefits from synergies with key assets across the OTT value chain that are critical for success. This investment marks Affinity’s second technology investment in Southeast Asia and continues Affinity’s investment track record in media and entertainment that includes Loen Entertainment, TEG, and Skylife. Vidio will join Affinity’s expanding portfolio of high-growth, technology businesses such as MDAQ, SSG.com, JobKorea, Yogiyo amongst others.
“Affinity will tap its vast network across Asia to help support Vidio’s growth initiatives, especially in the areas of content and gamification in support of live-streamed content,” said Affinity’s Managing Director and Head of Southeast Asia Benny Lim.
Founded in 2014, Vidio is Indonesia‘s local OTT streaming service with over 60 million average monthly active users and 2 million paid subscribers. Vidio is well known for its exclusive content in both Sports and Entertainment. Recognized as the OTT with the most releases of local original series, Vidio also hosts the biggest content library with over 1 million videos on demand, 60 channels, 33 radio stations and covers a wide selection of genres: local, Korean, Bollywood, Asian, and Hollywood. It has also produced the most Indonesian Original Series amongst OTT players in Indonesia, including titles like Turn On, Paradise Garden, and Live with My Ketos. Vidio is currently widely accessible in all connected platforms: mobile, web, Smart TV, and set-top Boxes.
Affinity is one of the largest independent private equity firms in the Asia Pacific, and currently advises and manages approximately $14 billion of funds and assets. Affinity is currently investing out of its latest Fund V of $6 billion, one of the largest in the Asia Pacific. It has offices in five countries across Hong Kong, Singapore, Seoul, Beijing, and Sydney.