GoPlay On Demand Video Platform Bags Independent Investment
Funding led by ZWC Partners and Golden Gate Ventures, with participation of Openspace Ventures, Ideosource Entertainment, and Redbage Pacific
Marsya Nabila - 8 June 2020
GoPlay, the on-demand video platform in Gojek's ecosystem today (8/6) announced the closure of its first funding round with an undisclosed value. This is independent funding, it means the investment is directed specifically to the core company instead of the parent company.
This is the first external funding announced by the Gojek group's business unit. The concept is practically the definition of a spin-off, but GoPlay's CEO Edy Sulistyo told DailySocial that GoPlay will remain part of the whole Gojek ecosystem.
Edy breaks down the news that every Gojek business unit with a different model must have a different business license because it has to adjust to the Indonesian rule.
"Independent PT [GoPlay] has existed since the day it's founded because it requires different permits. [...] [Nevertheless] we are always part of the Gojek ecosystem," he said, Monday (6/8).
The funding round was led by ZWC Partners and Golden Gate Ventures. Other investors involved were Openspace Ventures, Ideosource Entertainment, and Redbage Pacific.
Edy said that the capital fund obtained is to be focused on developing GoPlay technology to reach more users in Indonesia. Content creators are also expected to use GoPlay to distribute their work to wide markets.
He further said Indonesian content creators needed more platforms to be able to show their talent and work. While at the same time, more and more Indonesian mobile users demand fast and easy access to local content.
The great potential can't be performed by the cinema industry alone and he is trying hard to close the gap between the needs and availability of quality content through technology.
"We are proud that investors can acknowledge GoPlay's mission. We are working hard to develop technology and improve GoPlay features over the past year. Therefore, now is the time to embrace partners with deep expertise in the industry to spur our growth," he said in an official statement.
Some investors in this round also made their statements on this occasion. ZWC Partner's Founding & Managing Partner, Patrick Cheung said, "We are very happy that Gojek and GoPlay acknowledge the added value ZWC Partners can provide in developing GoPlay, such as our resources, networks, also knowledge and experience in the Chinese market."
Ideosource Entertainment CEO (subsidiary of NFCX) Andi Boediman added, "Looking at today's growth and demand for streaming content, we believe that the Indonesian content market has the potential to reach $1 billion in the next three years."
For the record, Ideosource Entertainment and GoPlay, through GoStudio, have collaborated several times for creating content for the big screen.
Since it was first released in September 2019, GoPlay is claimed to have been reached by hundreds of thousands of mobile users inside and outside the Gojek ecosystem. This platform has given consumers exclusive access to hundreds of locally produced films and serials.
Currently, GoPlay has developed its technology with the Cast feature from application to television using Chromecast devices for Android and AirPlay for Apple.
– Original article is in Indonesian, translated by Kristin Siagian