JOINT RELEASE OF PT MNC VISION NETWORKS TBK (“IPTV”) AND PT TEKNOLOGI MIGO INDONESIA (“MIGO INDONESIA”)
Jakarta, Indonesia – 10 June 2021 – Migo Indonesia and PT MNC Vision Networks (“IPTV” or “the Company”) have signed a major strategic alliance to bring premium entertainment to tens of millions of mass market Indonesians. The alliance will see the Company’s content distributed via Migo’s innovative platform, with Migo promoted across MNC Group’s media ecosystem, in addition to IPTV taking a direct stake in Migo Indonesia.
HOW MIGO WORKS
Migo Indonesia is the Indonesian operating company of Migo, a disruptive global technology company backed by Temasek that vastly expands content distribution for the mass market in emerging economies. Migo was founded by Barrett Comiskey, one of the “fathers of electronic ink.” As an MIT undergrad, Barrett developed the technology behind the Amazon Kindle e-reader, which has since delivered billions of e-books and revolutionized the print industry. He has more than 70 patents to his name, has been recognized by The World Economic Forum as a Technology Pioneer, and is the youngest-ever inductee of the US National Inventors Hall of Fame.
Migo is tailored around optimizing customer experience for the mass market, and offers fully-offline video-on-demand via its network of partner corner stores, or ‘Warung Migo’. At any Warung Migo, users can access Migo’s patented network to download unlimited content faster than previously possible, downloading a feature film in just 60 seconds. Users can then watch as much as they like with no data charges, no ads, and zero buffering, with pricing as low as Rp 1,000 per day. That makes Migo 5-7x cheaper than the all-in cost of typical OTTs, while downloads are 30x faster than traditional telco networks.
MIGO IS 5-7X CHEAPER THAN PREMIUM OTT SERVICES
Migo currently distributes content from a wide range of local & international production houses and OTT services. These include a range of production houses and local content creators, such as MNC Group, MD Pictures, SBS, and JTBC, as well as a number of OTTs, including GoPlay, GoJek’s video streaming service; Genflix, one of the first OTTs to launch in Indonesia; and Sushiroll, which carries top Anime content.
The strategic alliance will be a catalyst for the growth of key IPTV subsidiaries, particularly on adding new streams to distribute its content. Taking advantage of Migo’s network of download stations, IPTV content can now be enjoyed by millions of consumers who currently struggle with connectivity and cost. Migo will bring the scale of traditional FTA television to the paid OTT world, with a footprint that will grow to over 100,000 Warung Migo from Sabang to Merauke. Together, Migo and the Company are working to expand Migo network nationally, aiming to reach 100 million people over the next 5 years, and bring IPTV’s subsidiary to over 20 million paid monthly users.
Comments by Ade Tjendra, President Director of IPTV:
“We are delighted by the opportunity to accelerate the expansion in distributing our content through this investment in Migo. The growing momentum in key businesses is a testament to the breadth and relevance of our local content superiority. This collaboration will allow IPTV and Migo to reach tens of millions of Indonesia’s customers with limited internet connectivity into our on-demand entertainment ecosystems. The deal will create an aligned commercial, content and distribution strategy that will prove beneficial for all of us in the long run. I am extremely excited about the collaboration and I think Migo will be an extraordinary accelerator for our existing business lines.”
Comments by Dan Connor, President Director of Migo Indonesia:
“We are excited to form this alliance with IPTV, as a core part of Southeast Asia’s leading media conglomerate. Their clear vision for the future of media, combined with their market-leading content and marketing capabilities provides us a unique opportunity to scale Migo’s disruptive network to tens of millions of data-hungry mass-market consumers. Together, we will transform the way entertainment is consumed all across Indonesia.”
Profile of Migo’s Senior Leadership Team
Barrett Comiskey is the Founder and CEO of Migo. Prior to Migo, he invented and co-founded E Ink, the revolutionary display technology used in the Amazon Kindle, while an undergraduate at MIT’s Media Lab. He has more than 70 patents to his name, is recognized by the World Economic Forum as a Technology Pioneer and is the youngest-ever inductee of the US National Inventors Hall of Fame. He is a graduate of MIT (BS) and Stanford University (MBA).
Chris Reynolds is the President of Migo. He has 20+ years of experience in Technology Investment Banking (Montgomery Securities) and Venture Capital (Morgan Stanley, Chengwei Ventures), primarily in China. He is also Co-founder and Managing Partner of China Fine Art Management, an investment management company focused on Chinese Art and is the largest art-focused private equity fund in the world. Its LPs include founders and CEOs of Facebook, LinkedIn, Baidu, Tencent and other leading technology companies. He is a graduate of Yale University (BA) and Stanford University (MBA).
Dan Connor is the President Director of Migo Indonesia. He has ~10 years of experience as management consultant, primarily in Southeast Asia. He was a founding member of Bain & Company’s Jakarta practice, which grew from 5 consultants to ~60 in 6 years. He was also advisor to global private equity funds, high net worth individuals, and sovereign wealth funds on over 50 private investment deals, primarily in emerging markets, some worth in excess of $1B USD. He is a graduate of the Australian National University (BA) and University of Oxford (MPhil).
For more information from IPTV, please contact:
Samuel Hartono Tanoesoedibjo, Investor Relations
Stefanie Laurensia Prasetyo, Investor Relations
For more information from Migo, please contact:
Roi Zyril Barrion, Finance and Strategic Partnerships