Indonesia’s Gojek in talks to spin off video streaming unit

Photo by Afif Kusuma on Unsplash

Indonesia’s Gojek is spinning off its video streaming service GoPlay and has secured capital from Southeast Asia-based investors for the unit, multiple people aware of the development told DealStreetAsia.

GoPlay has bagged about $15 million from venture capital (VC) firms including Openspace Ventures, Golden Gate Ventures, Ideosource Ventures and ZWC Partners, said three industry sources.

Gojek declined to comment for this story. The VC firms had not responded to DealStreetAsia queries at the time of publishing.

Gojek had on Wednesday announced strategic funding from Facebook and PayPal as part of an ongoing funding round. Existing backers Google and Tencent also topped up their investments in the firm, bringing its Series F total to over $3 billion.

GoPlay operates under Gojek Entertainment Group, a separate business division that comprises GoStudio (in-house film studio), GoLive (online gaming), Loket (event management and ticketing), and GoTix (movie and event ticket purchasing).

The firm offers Indonesian and Asian films on its platform as well as original content. GoPlay has also produced several films in partnership with Ideosource Entertainment, which operates an Indonesian film fund.

Last year, GoPlay chief executive Edy Sulistyo told Reuters that the firm had joined hands with South Korean entertainment powerhouses CJ E&M and SM Entertainment for partial access to their libraries. Gojek has also reportedly secured the streaming rights of hundreds of Indonesian films and shows.

Its aim is to take on the larger streaming players operating in Indonesia, including US streaming giant Netflix and Hong Kong’s VIU. This is a significant undertaking by GoPlay, given the lacklustre growth seen by other local streaming players such as Malaysia-based iflix and the now-shuttered HOOQ.

This still doesn’t rub the sheen off the massive potential in Indonesia’s online streaming market. According to Statista, Indonesia’s streaming market is projected to reach $274 million in revenue by 2024 from $138 million in 2019. This will be backed by a surge in user growth that is expected to rise to 32.9 million from 19.4 million people over the same period.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.