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Indonesia's Vidio thinks local to take on global streaming gaints

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Mon, Mar 25, 2024 02:00 AM

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Opening Bell 🔔 is Tech in Asia’s free newsletter that brings you the biggest news and la

Opening Bell 🔔 is Tech in Asia’s free newsletter that brings you the biggest news and latest trends around Asia’s publicly listed tech companies. [Read from your browser]( Opening Bell 🔔 Welcome to the Opening Bell! Delivered every Monday via email and through the Tech in Asia website, this free newsletter breaks down the biggest stories and latest trends on Asia’s publicly listed tech companies. If you’re not a subscriber, get access by [registering here](.  ---------------------------------------------------------------  Written by Peter Cowan  Journalist  Hello {NAME} Taking on the likes of Netflix, Disney+, and Amazon Prime Video is a daunting task. All three have huge user bases, voluminous libraries of content, and hefty war chests to make life tough for competitors. Yet in Indonesia, video-on-demand (VOD) player Vidio is up for the challenge. The firm, which is owned by local conglomerate Emtek Group (EMTK, IDX), claims it’s the country’s top VOD platform by several measures. That said, Vidio is still trying to stanch heavy losses. Its leaders, though, feel the company is on the way to turning a profit. So how has Vidio kept pace with the Netflix’s of the world? The company says it’s by going local. The firm focuses on content like “sinetron” (local soap operas) over international shows. That might be a timely reminder for the multitude of companies and investors excited to make it big in a promising market like Indonesia: It pays to think and act locally. -- Peter  ---------------------------------------------------------------  THE BIG STORY [Emtek’s Vidio claims to have Indonesia’s streaming crown, but sees heavy losses]( Indonesia has the highest CAGR for subscription-based VOD services among APAC countries, but local firms face stiff competition from global players. ---------------------------------------------------------------  3 TRENDS TO KEEP EYE ON Hot stocks, earnings reports, restructuring, pressure from activist investors, and more. 1️⃣ GoTo goes from red to green: Indonesia’s GoTo Group (GOTO, IDX) started 2023 facing some pretty big losses. Its [latest earnings results]( show that the company managed to turn things around. The company recorded [adjusted EBITDA]( of US$4.9 million in the fourth quarter of 2023, bouncing back from US$197 million in adjusted losses in Q4 2022. CEO Patrick Walujo said in a recent [earnings call]( that 2023 was a “transformative” year for the company. The firm pulled off a blockbuster merger involving TikTok Shop and GoTo’s ecommerce unit, Tokopedia, and is aiming to balance profitability and growth. 2️⃣ PDD and Tecent’s big 2023: Last week, two of China’s biggest listed tech companies released their financial results for the fourth quarter of 2023 and the entire fiscal year. Both saw growth in some key metrics. PDD Holdings (PDD, Nasdaq), which owns ecommerce platforms Pinduoduo and Temu, saw its 2023 revenue hit [US$35 billion]( a 90% increase from 2022. Meanwhile, Tencent (700, SEHK) recorded a full-year operating profit of [US$23 billion]( for 2023, 44% higher than the year prior. 3️⃣ IPO no-go = uh oh!: A whole lot can go wrong when taking a company public, and if it doesn’t pan out, there are consequences. That’s what a couple of firms found out recently. Freshippo, the grocery arm of Alibaba Group (BABA, NYSE), scrapped its plans for a Hong Kong IPO last year amid poor market sentiment. That may have had something to do with why founder Hou Yi was [replaced]( as CEO by former CFO Yan Xiaolei. A source told Bloomberg that Hou will move to a senior advisor role at the company. That’s likely a softer landing than what’s awaiting the [retrenched employees]( of Pan-Asian insurance firm FWD. The firm also scrapped plans for a Hong Kong IPO last year. Now, close to 10 of the company’s staff members in Singapore have been laid off, sources told Tech in Asia.  2 EYE-POPPING NUMBERS Tech in Asia scours the internet to bring you head-turning numbers from the world of business. - [48%]( The percentage increase in Reddit’s (RDDT, NYSE) shares after the social media firm made its IPO debut last week. The stock peaked at US$57.8 a share on the first day of trading after starting at US$34. - [US$404 million]( The amount VinFast (VFS, Nasdaq) founder Pham Nhat Vuong will pump into his new electric vehicle charging venture, V-Green. The money will be used over the next two years to build new stations, upgrade and complete VinFast’s existing charging infrastructure, and oversee the stations’ operations and management.  THE ONE YOU DIDN'T SEE COMING We spotlight the story that had everyone talking and social media buzzing during the past week. When the chips are up: When Jensen Huang speaks these days, the world listens. The co-founder, president, and CEO of Nvidia (NVDA, Nasdaq) held court last week at the chipmaker’s developer conference. There, he [shared his thoughts]( on some of the hottest topics in the tech world, largely around the AI industry, which his company is a leading light in. Huang talked down fears of a US-China tech war disrupting the chip supply chain, going as far as [saying that]( “the doomsday scenario is not likely to happen.” Of course, as head of a company reliant on chip production by the Taiwan Semiconductor Manufacturing Company (TSMC), he does have some skin in the game. In addition, Huang tipped India to be a key player in the future of AI thanks to its large number of IT professionals who could reskill and make their country the “front office” of the AI revolution. Unsurprisingly, the typically leather jacket-clad CEO jokingly expressed Nvidia’s openness to doing business with India, which has plans to procure 10,000 graphics processing units and create an AI marketplace. Always be closing, baby.  ---------------------------------------------------------------  EVENTS HAPPENING You can also check out a curated list of trending tech events [over here]( and Tech in Asia’s signature events [here](. - [Saigon Summit 2024 : Charting Vietnam’s Tech Future on May 30]( As a founder, getting opportunities to talk to the right investors is always tricky. Saigon Summit is here to help you out: secure a ticket, apply for Investor Hour, and get a dedicated slot to pitch your ideas to top-tier investors. Slots are filling up fast, so [buy your ticket now]( - [Tech in Asia Conference Kuala Lumpur 2024 : Malaysia on The Rise on July 24-25]( on a groundbreaking journey of innovation at the inaugural Tech in Asia Conference in Kuala Lumpur, where cutting-edge ideas converge to ignite, connect, and elevate Malaysia’s tech landscape. Secure your tickets now, with prices starting from just US$45 before price increases on April 22! - [Product Development Conference (Jakarta, July 2024)]( This year’s conference, themed around “scaling product innovation from startup to enterprise,” will deliver tailored insights for attendees at any stage of their business journey. [Secure your spot now]( - our presale tickets are sold out, but you can get early bird tickets starting from US$25!  - [Tech in Asia’s Founders Meetup in Singapore on April 24]( Amid the slump in the current macroeconomic environment, are VCs now ready to deploy funds? Well, we don’t have the answer, but we know experts that do. Panlists from Square Peg, MSW Ventures, and Antler will shed light into the cautious optimism around funding. They’ll also share their take on the verticals poised for a strong recovery and offer strategic tips to navigate the ongoing tech winter. [Get your ticket now]( That’s it for this edition - we hope you liked it! Not your cup of tea? You can unsubscribe from this newsletter by going to our preference center at the bottom of this email. Happy investing and see you next week! Disclaimer: This content is for informational purposes only. Kindly do not construe any such information as legal, tax, investment, financial, or other advice. [ADVERTISE]( | [SUBSCRIBE]( | [HIRE]( | [FIND JOBS]( P.S. Don't miss out on the biggest tech news and analysis. Add newsletter@techinasia.com to your address book, contacts, or safe sender list. Or simply move us into your inbox. Too many emails? Switch to a different frequency or get new content through our [preference center]( or [unsubscribe](. You can also break our hearts and remove yourself from all Tech in Asia emails over [here](  Copyright © 2024 Tech in Asia, All rights reserved. 63 Robinson Road, Singapore 068894

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