Philippines-based media company ABS-CBN Broadcasting Corporation has paid $5 million for a 5% stake in Multiply, the media-centric social network with a userbase primarily composed of adults. The investment pegs Multiply’s valuation at $100 million, which is within range (though on the lower end) of our social network valuations based on past deals. ABS-CBN also has the right to purchase up to 10% of Multiply within the next two years.
Multiply has a significant presence in the Philippines, with around 3 million users. ABS-CBN plans to capitalize on its investment through advertising, and by eventually offering a mobile version of the site for users in the Philippines. For more, read the ABS-CBN announcement here.
Jason, you might want to edit your headline a bit – ABS-CBN is in Southeast Asia, not South Asia — the Philippines is closer to Hong Kong and Singapore than it is to India!
Whoops, thanks for the catch.
good buy for abs-cbn! so this is the reason why most of abs-cbn’s new shows have a corresponding multiply site
It’s a good investment for ABS-CBN. Multiply is being used in the Philippines for a lot of reasons: from personal sites, group blogging platform and online stores.
good for abs, i just hope that gma7 (kapuso) fanatics users stick with them but i would guess once this news get through pep you’ll see couple the movement of users from multiply to facebook/myspace etc…. imho
Everybody you meet these days in the Philippines has a multiply site. It is given out frequently instead of an email address. Its a robust platform, though not sure if it has reach outside.
Good to see companies continuing to invest.. Why only $5m though?
Douchebag Mike:
It’s the economy, nitwit.
Mike:
Strike while the iron is hot. Valleywag’s Creepy Nick Denton is firing everyone in sight.
Child Molester Boutin: Fired.
Chubby Ice Cream Truck Driver Owen Thomas: Fired
Alaska Miller: Beaten, Fired, Beaten more severely than before
Why aren’t you dancing on these dancing Larrys graves?
Are you next, poppi? Or are your VentureBeat Superfriends next?
This is just crazy. Are they really worth that kind of money? No!
You guys have no idea how much money $5 million is in the Philippines. Five million US dollars in the Philippine economy is the equivalent of $200 million in the US economy. Think about how many ads they had to run for shampoo sachets costing 8 cents each. The bulk of Philippine terrestial TV’s revenue comes from infant formula, hair care products, beer, and cellular airtime.
I love ABS-CBN!
I am so missed this article