- IDN Media’s profits soared 24-fold in 2023.
- Youth-focused strategy drives success.
- Company eyes IPO amid continued growth.
Indonesian media platform IDN Media has defied industry trends by reporting impressive financial growth in 2023.
The net profit skyrocketed 24-fold from US$200,000 in 2022 to US$4.8 million last year, backed by a revenue surge to US$34 million.
This marks IDN’s sixth consecutive profitable year, a stark contrast to struggling digital media giants like BuzzFeed.
Youth-focused strategy pays off
IDN’s success stems from its laser focus on millennial and Gen Z audiences, who comprise over 90% of its user base.
The company has diversified beyond its news platform, IDN Times, into livestreaming, entertainment, and creator economy services.
This multi-pronged approach has yielded a revenue mix of 65% from advertising, 26% from content, and the remainder from platforms and other sources.
Acquisition spree fuels growth
Strategic acquisitions have played a crucial role in IDN’s expansion. Recent purchases include livestreaming platform Saweria, festival organizer Boss Creator, and popular idol group JKT48.
Co-founder and CEO Winston Utomo states the company is now “IPO-ready” but awaits the right market conditions for a public debut.
To read the original article: https://www.techinasia.com/idn-rebrand-numbers
