Indonesia’s IDN grew net profit 24x in 2 years

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Hello reader,

As a writer and creative, it always makes me happy when I read about a media company doing well, especially amid the general pessimism around the industry.

Of course, “media” is a very general term, and different companies in the sector grow in varied ways.

Today’s premium story is about the success of Indonesian firm IDN Media – a company built with a focus on youth. Over time, the business has evolved to include esports and livestreaming content and even welcomed an idol group into its media roster.

You think someone there can help me with a livestreaming setup? It sounds incredibly fun to me, though I might end up not being good at it.

Today we look at:

• IDN’s remarkable growth story
• Suppliers storming Temu’s office in Guangzhou in protest
• Other newsy highlights such as Alibaba’s latest genAI tool and the roll out of ChatGPT’s Advanced Voice Mode

Premium summary

Advertising is bonkers business

Image credit: Timmy Loen

I’ve always known that advertising makes up the lion’s share of revenue for most – if not all – media companies, but it still boggles my mind just how much money is in the advertising game.

Of course, these numbers are only high as long as the content attracts a sizable number of eyeballs, which is where creatives like myself come in.

Is this me angling for a big pay raise? If I were employed at IDN – and seeing its financials grow by leaps and bounds – I’d certainly be doing so.

• Big money moves: IDN co-founder and CEO Winston Utomo tells Tech in Asia that the company grew its net profit by a whopping 24x – from around US$200,000 in 2022 to US$4.8 million in 2023. This jump came on the back of rising revenue, which hit US$34 million last year.
• The children are our future: IDN’s mission has remained consistent to its goals at launch: bridge the information gap and give easy access to news and content for all Indonesians, and the launch of IDN Times marked the beginning of this venture. The platform quickly gained popularity among millennials and Gen Z, with the two groups forming over 90% of the company’s audience.
• Build then buy: Initially, IDN opened new brands that complemented IDN Times, such as women-focused digital media firm Popbela and food platform Yummy. Since 2019, acquisitions have become a primary mode of growth for IDN: It has acquired esports company GGWP.ID, independent film studio Demi Istri Production, and even JKT48, a popular Indonesian idol group modeled after Japanese girl groups

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