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Ideosource to invest in 10 film projects
Indonesian venture capital firm Ideosource plans to invest in 10 movie projects this year, following its success in financing a number of films last year
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ndonesian venture capital firm Ideosource plans to invest in 10 movie projects this year, following its success in financing a number of films last year.
The company has set aside up to Rp 50 billion (US$3.6 million) to invest in the local film industry, according to the company’s managing partner, Edward Ismawan Chamdani .
“It is a good investment opportunity, as movies can likely turn a profit faster than startups,” he said in Jakarta during a press conference for the upcoming Akatara Indonesian Film Financing Forum.
He added that movies could make a profit in just six to 18 months and with a smaller investment compared to startups, which generally generate returns in eight to 10 years.
Founded in 2011, Ideosource’s investment portfolio includes tech startups such as e-commerce site Bhinneka.com, mobile game studio Touchten Games, and investment community platform Stockbit.
The firm started to broaden its scope to include the film industry in 2017.
It has since landed a string of notable film deals, such as Ayat-ayat Cinta 2 (Verses of Love 2), Kulari ke Pantai (I Run to the Beach) and Aruna dan Lidahnya (The Birdwoman’s Palate).
They came following a successful contract clinched at the first Akatara Indonesian Film Financing Forum last October to fund a much-awaited movie adaptation of the 1990s TV show Keluarga Cemara (Cemara’s Family).
The venture capitalist is now planning to participate in the second Akatara forum to be held this September.
Jointly organized by the Creative Economy Agency (Bekraf) and the Indonesian Film Board (BPI), the forum aims to provide financing to the country’s film industry.
It is considered a matchmaking event of sorts between investors and filmmakers.
“Through this event, we hope to minimize the gap between investors and filmmakers,” said Bekraf head Triawan Munaf.
The forum is expected to promote investments in the film industry, a field that is widely considered to be unprofitable because of uncertainties surrounding a movie’s commercial success.
Triawan added that a lack of marketing efforts on the producers’ side made it difficult for movies to get longer screen times in theaters, subsequently making it harder for Indonesian films to earn desirable revenues from ticket sales.
Meanwhile, Ideosource film investment principal Pandu Birantoro said a movie’s revenue stream did not only come from ticket sales, but also sponsorships and distribution deals from TV stations and streaming services, which prove that this industry is still lucrative to invest in.
The Akatara forum will open its submission for film proposals as well as non-production proposals, such as independent cinemas, film schools, digital streaming services, curation programs and film festivals.
A team will then pick 50 projects to be presented to investors from both Indonesia and abroad, individuals and corporations.
BPI head of financing Agung Sentausa said he hoped more projects could be funded this year to boost the nation’s film industry. Last year, the forum helped 10 film projects receive funding worth up to Rp 30 billion. (ris)
