Indonesia's Vidio Is Aiming to Double Subscribers Ahead of IPO [BNN Bloomberg (Canada)]
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The company, owned by Indonesian media conglomerate PT Elang Mahkota Teknologi Tbk, is also planning to raise a new fund this year to bankroll the growth of its streaming service, Chief Executive Officer Sutanto Hartono said in an interview. Vidio will push for an initial public offering once market sentiment becomes more positive, he said. Indonesia is one of the fastest-growing economies in Asia, with a youthful population of over 270 million. But the digital media sector is still in its infancy, as free-to-air TV remains dominant and 5G penetration low. As such, Vidio and foreign competitors including Netflix and Hong Kong's Viu see huge potential for growth in the country. Total online video revenue in Indonesia is expected to grow to $2.25 billion by 2028 from $1.3 billion last year, according to consultancy Media Partners Asia. Meanwhile, the overall economic impact of Indonesia's film and TV industry is estimated to expand to around $10 billion by 2027, a 20% increase from
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