IDN Media records fifth straight profitable year in 2022

IDN Media founders Winston (left) and William Utomo / Photo credit: IDN Media

IDN Media, once touted as the “BuzzFeed of Indonesia,” posted a 38.6% year-on-year increase in revenue to 374 billion rupiah (US$24.7 million) in 2022, according to VentureCap Insights (VCI), which tracks regulatory filings in Singapore.

The firm’s biggest source of revenue for the year was digital advertising, contributing around 274 billion rupiah (US$18 million) to the total amount. This marks an 11.5% uplift from 2021.

Its CEO, Winston Utomo, told Tech in Asia that the company is looking to expand its revenue streams across entertainment and livestreaming industries, as well as the creator economy.

IDN Media also recorded 4 billion rupiah (US$275,000) in profits for 2022, marking its fifth consecutive profitable year. However, the figure was 15.5% lower compared to the previous year.

The company maintained a healthy cash position, with cash and cash equivalents almost tripling the previous year’s figure, reaching 447 billion rupiah (US$29 million). Its total assets for 2022 reached 750 billion rupiah (US$49.4 million).

Founded by brothers Winston and William Utomo in 2014, IDN Media started as a BuzzFeed-like blog for Indonesian millennials. It eventually expanded to cover influencer management, esports, and film production.

The company last raised funds in mid-2022. While the amount was undisclosed at the time, VCI data reveals that IDN Media raised US$23 million for its series D round, valuing the company at US$338 million. At the time, the firm said it had 80 million monthly active users across all its properties.

East Ventures, also an investor in Tech in Asia, is an early backer of IDN Media. Other investors in the Indonesia-based company include local conglomerate Mayapada Group and Japanese VC firm Line Ventures.

See also: Bootstrapped and profitable: Singapore’s 9-figure D2C secret

Currency converted from Indonesian rupiah to US dollar: US$1 = 15,170 rupiah.