South Africa media and internet services firm, Naspers, is not pulling out of the Indonesia and Philippines online service markets, despite the corporate investor having to bite the bullet and close two sites in those markets earlier this year. Two strong brands in the classified sector has proved that the right strategy works in any market.
Naspers, the South Africa media and internet services company that is an active corporate venture investor, has admitted that a change in strategy for two of its portfolio companies, incuding Jakarta e-commerce site, Multiply, seriously affected the start-ups performance and resulted in Naspers shutting the company’s operations down. Founded in 2004, Multiply started out as a social networking and media sharing service in Florida and at its peak reached 11 million registered users.
“The performance of Multiply has been below expectation…
