Nexmedia promotion in a mall. (Image via Detik)

Nexmedia Plans to Close Down Next Month

Toska Dhia Andana
Market & Investment
Product
Aug 04, 2019
3204
It’s a sad news for Nexmedia’s customers. On August 1, a Twitter account asked Nexmedia’s official Twitter account. In the tweet the customer asked Nexmedia whether it’s true that Nexmedia is going to close on August 31. He said he got the info while watching the TV. Nexmedia confirmed the customer’s question saying that the company will be completely close down by September 1 2019.

Nexmedia is a company under PT Elang Mahkota Teknologi Tbk (EMTK), who also owns Indonesian TV stations; SCTV and Indosiar. Nexmedia is a television subscription company and loved by football lovers. It is reported that Nexmedia is the only TV subscription service which airs football matches live. EMTK’s Corporate Secretary Titi Maria Rusli revealed the reason why Nexmedia is planning to close down. She stated that EMTK is going to focus on the subscription service through over the top (OTT) Vidio Premier platform.

Titi added that a lot Indonesian people subscribe for OTT platform (such as Netflix and iFlix), that’s why they decided to follow the trend. Internet is now getting easier to get in Indonesia, and a lot of Indonesian family have their own private WiFi. Because of this, EMTK hopes their OTT platform, Vidio Premier, could get them more profit.

The news of Nexmedia closing is quite shocking, especially to their loyal customers. However, it is revealed that nothing is changing for EMTK stocks. There is no increase and decrease in the stock. Nonetheless, for the year to date category, EMTK stocks is reported to decrease 13,1%.

Source: https://www.cnbcindonesia.com/market/20190802205848-17-89571/nexmedia-tutup-operasional-induk-usaha-buka-bukaan-alasannya

Indonesia , Nexmedia , TV , InternationalChannel , SubcriptionTV