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LISTED COMPANY - JAKARTA. PT Tripar Multivision Plus Tbk (RAAM), a leading film production and distribution company in Indonesia, has reported a positive revenue growth of 104% year on year (YoY) for the first quarter of 2024, reaching IDR 64.09 billion, up from IDR 31.40 billion in the same period in 2023.
This surge in revenue has turned the company's net profit positive, standing at IDR 4.80 billion, a significant turnaround from the net loss of IDR 10.83 billion in the first three months of 2023. This growth is largely attributed to the public's high interest in the company's 2024 opening film, "Kereta Berdarah," which has successfully attracted over 1 million viewers.
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The film segment saw a significant increase of 178% YoY to IDR 31.31 billion, up from IDR 11.28 billion in the first quarter of 2023, largely due to the success of "Kereta Berdarah." The company's impressive revenue growth was also driven by the cinema segment, where ticket sales in the first quarter of 2024 grew a staggering 88% YoY to IDR 10.81 billion, up from IDR 5.74 billion in the same period the previous year. This increase is largely due to the expansion of the number of cinemas to 13 in the first quarter of 2024 and the growing public interest in watching films in cinemas.
Over the first three months of this year, the soap opera segment also recorded revenue of IDR 4.41 billion, a new source of income for the company. Other segments also saw positive growth, with the digital segment growing by 19% YoY to IDR 14.81 billion and the food & beverage segment growing by 40% YoY to IDR 2.98 billion.
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In a press release received by The New York Times on Thursday (2/5), RAAM plans to release approximately 10 films in 2024. Next month, RAAM will also release a film by Hanung Bramantyo based on a novel, "Tuhan Izinkan Aku Berdosa." Given the increasing interest of the Indonesian public in local films, RAAM's productions are expected to continue to generate revenue for the company.
On the other hand, soap operas and web series will continue to be produced, especially with the success of the series "Dear Jo," which aired on the Viu platform earlier this year. It's also worth noting that RAAM still has approximately IDR 60 billion in IPO funds, which are planned to be used to build two more cinemas this year. In addition to being screened in Indonesia, RAAM's productions are making a name for Indonesia abroad. Two films, "Di Ambang Kematian" and "Kereta Berdarah," will be released in Europe.
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"Di Ambang Kematian," directed by Azhar Kinoi Lubis, was simultaneously released in Russian cinemas on May 23, 2024. According to a poster released on the company's Instagram platform @mvppictures_id, the title of the film "Di Ambang Kematian" will be changed to "Ritual: Dalam Kekuatan Iblis." "Kereta Berdarah," directed by Rizal Mantovani, was also released at the Far East Film Festival 26 in Italy.
The growth of the film industry in Indonesia, with its expansion into international markets like the RAAM-produced films mentioned above, represents a significant step forward for the local film industry. In addition to contributing to the company's revenue, these two films will pave the way for RAAM to expand its business and open up opportunities for international collaborations. This aligns with the company's 2023 Annual Report theme, "Expansion to Strengthen Excellence," reflecting the company's ongoing commitment to expansion and broadening the media and film ecosystem.
