MNC Studios, A Production House Owned By The Conglomerate Hary Tanoesoedibjo, Its Revenue Dropped 22 Percent In 2020

Conglomerate Hary Tanoesoedibjo. (Photo: Instagram @hary.tanoesoedibjo)

JAKARTA - Maybe most lovers of television shows in the country know the soap opera Ikatan Cinta. But maybe many don't know that the soap opera production house, PT MNC Studios International Tbk (the parent of MNC Pictures), experienced a decline in performance in 2020.

Based on MNC Studios' financial report, published on the Indonesia Stock Exchange (IDX) website, quoted on Wednesday, June 23, the issuer codenamed MSIN earned IDR 1.39 trillion in revenue in 2020. The company's revenue from the conglomerate Hary Tanoesoedibjo fell 22 percent compared to IDR 1.78 trillion in 2019.

In detail, the revenue from the content segment was also recorded to have fallen 22 percent from IDR 1.88 trillion in 2019 to IDR 1.47 trillion in 2020. Revenue from the talent and other segments also fell 32 percent from IDR 388.25 billion in 2019, to only IDR 262.84. billion in 2020.

On the other hand, the digital revenue segment grew rapidly to 44 percent of IDR 258.99 billion in 2020, from the previous IDR 180.31 billion in 2019.

However, this increase has not been able to sustain the accumulated revenue of MNC Studios. As a result, the net profit for the current period attributable to the entity that owns the company fell 21 percent, to IDR 167 billion in 2020, from the previous IDR 211.41 billion.