Industri layanan Video on Demand berbasis langganan saat ini merupakan salah satu pasar platform yang termasuk baru dan sedang berkembang pesat salah satunya di Indonesia. Persaingan antar platform yang dinamis dan bergantung pada strategi eksklusivitas menimbulkan pertanyaan akan strukrur persaingan dalam pasar serta faktor-faktor yang mempengaruhi loylaitas dan perilaku berlangganan konsumen salah satunya dalam hal multihoming di tengah fragmentasi konten. Penelitian ini menggunakan analisis deskriptif kuantitatif untuk menyelediki karakteristik struktur persaingan pasar SVOD di Indonesia serta kuantitatif inferensial terhadap 211 responden dengan analisis PLS-SEM pada model ekstensi Unified Theory of Acceptance and Use of Technology 2 (UTAUT 2) untuk meneliti loyalitas dan perilaku multihoming. Hasil Penelitian menunjukkan struktur persiangan pasar oligopoli Bertrand dengan produk yang terdiferensiasi. Sementara faktor yang berpengaruh terhadap loyalitas pelanggan SVOD yaitu content, price value, performance expectancy, habit, consumer satisfaction dan social influence. Eksklusivitas juga berpengaruh positif secara tidak langsung melalui variabel content. Selain itu, pelanggan SVOD Indonesia masih cenderung melakukan singlehoming, namun keinginannya melakukan multihoming dipengaruhi oleh faktor performance expectancy dan social influence.

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The Subscription-based Video on Demand (SVOD) industry is currently one of the fastest growing emerging platform market, including in Indonesia. The dynamic competition between platforms that relies on exclusivity strategy raises the question of the current market structure as well as the factors affecting consumer loyalty and subscribing behavior especially in the case of multihoming in the face of fragmented content. This research applies quantitative descriptive analysis to investigate SVOD market structure characteristics in Indonesia, while also analysing the loyalty and multihoming behavior of 211 respondents using extended UTAUT2 model with PLS-SEM approach. The result of the study suggests Bertrand oligopoly with differentiated product as the current SVOD market structure in Indonesia. Meanwhile, the factors affecting SVOD consumer loyalty includes content, price value, performance expectancy, habit, consumer satisfaction, as well as social influence. Exclusivity as part of product diferentiation strategy also affects continuance intention indirectly through content. In addition, based on the survey result, SVOD subscribers in Indonesia still tend to singlehome, but the intention to multihome is affected mainly by the performance expectancy of multiple subscription as well as social influence.