According to the Hong Kong Stock Exchange's disclosure on April 27, PT MNC Digital Entertainment Tbk-S (hereinafter referred to as "MNC Digital") has submitted a listing application to the HKEX, with CICC serving as the sole sponsor.
Zhitong Finance APP learned that, according to the Hong Kong Stock Exchange's disclosure on April 27, PT MNC Digital Entertainment Tbk-S (hereinafter referred to as "MNC Digital") has submitted a listing application to the Hong Kong Stock Exchange, with CICC serving as the sole sponsor.
Company Profile
The prospectus indicates that, according to MPA data, MNC Digital is one of the leading digital media and entertainment groups in Southeast Asia in terms of 2025 revenue. The company's brands are household names across Indonesia. At the core of its business is an efficient end-to-end operating model that spans content ideation, distribution, IP development, and monetization across the entire content lifecycle, with diversified capabilities serving as the foundation for the company's growth and differentiation.
MNC Digital is a leading content and IP production powerhouse, consistently delivering success through a portfolio of high-profile IPs and well-known, multi-platform brands. According to MPA data, as of December 31, 2025, the company boasts the largest private content library in Southeast Asia, with its digital library exceeding 300,000 hours of content. Additionally, based on MPA data, the company ranks among the largest micro-short drama producers in Southeast Asia in terms of the number of episodes produced.
The company offers end-to-end IP lifecycle management services, encompassing social media engagement, brand partnerships, and music distribution, to continuously unlock and maximize IP value. According to the MPA, this integrated model is underpinned by the company's extensive artist network—one of the largest in Southeast Asia—comprising more than 400 exclusive artists and over 200 content creators as of December 31, 2025.
MNC Digital undertakes production through MNC Pictures, Asia Media Productions, Star Pro, MNC Animation, MNC Channels, Vision Pictures, and Cameo Project. These production companies—comprising subsidiaries and business units under the Group—each bring unique expertise in specific genres and formats, collectively supporting the creation of television series, films, variety shows, animations, and mobile-native micro-series. The company also owns and operates Movieland, an end-to-end film production complex spanning approximately 21 hectares, featuring multiple on-location shooting zones, expansive outdoor filming areas, and comprehensive support facilities.
Content and IP Management focuses on asset curation, rights management, and artist relationship management. As of December 31, 2025, the Company managed more than 400 exclusive artists and over 200 content creators through PTSMN and Star Hits, respectively. As of December 31, 2025, the Company owned more than 2,850 songs and held exclusive rights to over 750 of them.
The Company operates RCTI+ (according to MPA data, RCTI+ is Indonesia's leading premium AVOD platform in terms of 2025 revenue, with a strong focus on localized digital entertainment). In addition, the Company also operates the SVOD platform Vision+. As of December 31, 2025, the Company's two major platforms recorded approximately 110 million monthly active users.
The company expands its reach through linear television and licenses its content to strategic partners and platforms, achieving coverage in more than 60 countries and jurisdictions. It further monetizes its proprietary character IP—led by its flagship animated character, Kiko—through a robust merchandise sales ecosystem. The company's footprint spans major mainstream social media platforms, with over 625 million subscribers and followers and a cumulative 147 billion views as of December 31, 2025.
Financial Information
Revenue
The company recorded revenues of approximately IDR 2,905.591 billion in fiscal year 2023, IDR 3,238.78 billion in fiscal year 2024, and IDR 3,832.796 billion in fiscal year 2025.
Year-to-date profit
The company recorded year-end profits of approximately IDR 169.544 billion, IDR 395.584 billion, and IDR 966.986 billion for the fiscal years 2023, 2024, and 2025, respectively.
Pure interest rate
The company recorded net profit margins of 5.8%, 12.2%, and 25.2% in fiscal years 2023, 2024, and 2025, respectively.
Industry Overview
Driven by digital adoption, growing demand for local content, and diversified monetization channels, Indonesia's digital media and entertainment market is projected to expand from US$2.5 billion in 2020 to US$5.3 billion by 2030, representing a compound annual growth rate of 7.7%. The market has entered a phase of structural transformation: linear television is on a prolonged decline, while digitally native formats are capturing an increasing share of time, attention, and revenue.
The market is structured around three interconnected pillars: (1) digital content distribution, (2) digital content marketing, and (3) diversified artist and IP management. Digital content distribution accounts for three-quarters of total revenue, while content marketing—growing at a compound annual growth rate of 12.8%—and artist and IP management—growing at a CAGR of 13.1%—are expanding at a faster pace from a lower base.
Digital content distribution monetizes content through online video, free-to-air broadcasting, pay television, and international licensing. This market has grown from US$2.1 billion in 2020 to US$2.9 billion in 2025 and is projected to reach US$3.9 billion by 2030, representing a compound annual growth rate of 6.3%, as the shift from linear TV to digital formats continues.
Digital content marketing encompasses revenue generated from digital advertising, creator-led initiatives, and platform ad-sharing arrangements. This segment grew from US$222 million in 2020 to US$521 million in 2025 and is projected to reach US$743 million by 2030, representing a compound annual growth rate of 12.8%, driven by platform ad-sharing and MCN advertising.
Advertising revenue sharing with digital platforms dominates the market: reaching US$475 million in 2025 (accounting for 91% of this segment) and projected to grow to US$663 million by 2030, driven by revenue-sharing arrangements between creators/content owners and platforms.
Multi-faceted artist and IP management encompasses monetization revenue derived from artist commercialization, brand endorsements, concerts, music releases, and IP product licensing. Advertising campaigns, endorsements, and concerts account for approximately 98% of total revenue, while music royalties and merchandising contribute the remaining 2%. Revenue is projected to reach US$684 million by 2030.
The commercialization of entertainers is driving growth, with endorsement revenue projected to increase from US$263 million in 2022 to US$670 million in 2030. Music monetization is expected to reach US$150 million by 2030; while IP merchandising currently represents a small segment, it holds substantial untapped potential. Key growth drivers include deep emotional affinity among audiences for local celebrities, cross-platform fan engagement that extends the lifecycle of IPs, and rising discretionary spending among urban youth aged 16 to 30, who account for 24% of the population.
Board and Executive Officer Information
In accordance with the applicable laws and regulations of Indonesia, the Board of Directors is designated as the company's legal organ and is authorized to exercise full responsibility for managing the Company in line with its objectives and purposes. As stipulated in the Articles of Association, the Board of Directors also represents the Company both in and out of court. Directors may be appointed or removed solely by the General Meeting of Shareholders. The Board of Directors consists of six members.
Equity Structure
The Company's ultimate controlling shareholder is PT MNC Asia Holding Tbk, an Indonesian diversified conglomerate established in 1989 whose shares have been listed on the Indonesia Stock Exchange since November 24, 1997 (stock code: BHIT.JK). As of April 20, 2026, approximately 71.67% of the Company's issued share capital was held by MNC Media; PT Media Nusantara Citra Tbk held approximately 52.67% of the equity in PT Global Mediacom Tbk; and PT Global Mediacom Tbk held approximately 45.99% of the equity in PT MNC Asia Holding Tbk.
Brokerage Team
Exclusive Sponsor: China International Capital Corporation Hong Kong Securities Limited
The Company's legal counsel: for Hong Kong and U.S. law: Reed Smith; for Indonesian law: Hiswara Bunjamin & Tandjung
Legal counsel for the exclusive sponsor: Hong Kong and U.S. law—Baker McKenzie; Indonesian law—summA Law Firm.
Auditors: KAP Purwanto Susanti and Surja (an Indonesian member firm of Ernst & Young Global Limited)
Joint Reporting Accountant: Ernst & Young; KAP Purwanto Susanti dan Surja (an Indonesian member firm of Ernst & Young Global Limited)
Industry Consultant: Media Partners Asia, Ltd.
Compliance Advisor: Hongbo Capital Limited