MNC Vision Pours 570 Billion Rupiah Funding to Migo, Planning for Collaboration
The integration into Migo technology allows Vision+ content to be watched offline; potential to acquire new users
MNC Vision Networks (IDX: IPTV), a subsidiary of MNC Group which oversees several OTT business units, announced its investment in Migo Indonesia worth of $40 million or equivalent to 570 billion Rupiah. The funds will be used to increase service coverage with a target of 100 million users by 2022.
This funding continues Migo's acquisition in 2020 in the series B round. The amount is not stated, a series of venture capitalists and angel investors are involved, including Temasek, Provident Capital, Ray Zage (Commissioner of Gojek and Lippo Karawaci), Steve Chen (Co-founder & ex -CTO Youtube), and Pandu Sjahrir.
Compared to other streaming video services, Migo's technology is quite unique in the form of online to offline (O2O) videos-to-go which allows users to watch movies offline without buffering. Content distribution is done through Wargo (Warung Migo) or Migo Download Stations (MDS). Users only need to go to the partner grocery store location to download the content to be played offline on the application.
In particular, Migo's target market is the mass market segment with data issues and without sufficient connectivity at home. Migo started its jouney in Indonesia since March 2020, before finally launching in the global market in June 2020 with a paid model. Currently, the service (the presence of partners) only covers area around Jakarta and Bekasi.
Furthermore, with the funds, Migo also targeting to provide MDS points in 10 thousand new locations in Java.
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