Indonesia’s Kresna Investama backs Ideo, a film fund associated with VC firm Ideosource

Ideosource is shifting more attention to the film and entertainment industry.

Indonesia’s PT NFC Indonesia Tbk (NFCX), the digital ad exchange platform that’s part of Indonesia’s Kresna Investama Tbk (KREN) announced its plan to invest in Ideosource Entertainment (Ideo), a film and entertainment group in Indonesia.

Ideo is associated with Idesource, a firm that’s known to channel investments into local tech startups. It has backed Orori, Bhinneka, and several other e-commerce and adtech-related firms. Andi S Boediman is the CEO of both Ideo and Ideosource.

“We are interested to invest in Ideo because we want to enter the film and media content business, and benefit from the synergy with our business,” Suryandy Jahja, the president commissioner of NFCX told KrAsia on Friday.

Jahja declined to mention the size of the investment, but he says NFCX acquired a “sizeable percentage”. NCFX is a digital exchange company, which has developed an ad platform and also a live TV platform called Oona.

“With [NFCX], we will increase our investment in content, either film and film series, whether in the production and the marketing,” Ideo’s Boediman told KrAsia.

Ideo claims to be an entertainment group that develops intellectual property (IP) for the Indonesian and global markets. Ideo has four business models, which are film and media investment, film and media production, an analytics plaform, and a digital marketing agency.

Its film fund division has backed several Indonesian films, such as the family drama “Keluarga Cemara and the superhero movie “Gundala”, which is one of the most anticipated local movies this year.

However, Ideosource has also pledged to continue investing in startups, announcing that it’s eyeing 5 seed to pre-series A investments at the moment.

Indonesia ranks 15th in the top 20 International Box Office markets with a market size of USD 400 million, said Ideo, citing data from the Motion Picture Association of America (MPAA) study.

It added that Indonesia saw 52 million ticket sales for local films in 2018. Ideo predicts the Indonesian film and over the top (OTT) markets will grow by 21% CAGR over four years, from USD 512 million in 2018 to USD 1.1 billion by 2022.