- IDN Media achieves sixth profitable year.
- Diversification drives growth across multiple sectors.
- IPO plans await optimal market conditions.
Profit party keeps rolling
While BuzzFeed struggles, Indonesia’s IDN Media is thriving. The company, often dubbed the “BuzzFeed of Indonesia,” has achieved its sixth consecutive profitable year in 2023.
CEO Winston Utomo reports a staggering 24x increase in net profit, jumping from US$200,000 in 2022 to US$4.8 million in 2023, fueled by revenue growth reaching US$34 million.
Youth-focused empire expands
IDN’s success stems from its diversification strategy. Beyond its news arm IDN Times, the company has ventured into livestreaming, entertainment, and the creator economy.
Acquisitions play a key role, including esports company GGWP.ID, livestreaming platform Saweria, and popular idol group JKT48.
These moves reinforce IDN’s commitment to serving Indonesia’s millennials and Gen Z, who comprise over 90% of its audience.
Despite being “IPO-ready,” IDN remains cautious about timing. The company aims to become a long-lasting institution, eyeing a 50 to 100-year lifespan.
While open to further acquisitions to bolster its four pillars, IDN itself is not for sale. CEO Utomo emphasizes patience, waiting for the right moment to go public in Indonesia’s current tech listing climate.
To read the original article: https://www.techinasia.com/idn-rebrand-numbers
