MNC Group, on track to merge its unit with a blank-check company, will invest in entertainment venues and events like a music festival modeled after Coachella to lure in young Indonesians itching to gather in crowds again.
The conglomerate spanning media, property and finance is set to earn about $140 million from combining its streaming television business known as the “Netflix of Indonesia” with a special purpose acquisition company, or SPAC. Those funds will help it pivot to entertainment as a key source of growth as the pandemic has changed consumer behavior, said President Director Hary Tanoesoedibjo.
WATCH: Indonesian conglomerate MNC Group is set to earn about $140 million from the merger of its streaming television business with Malacca SPAC, says President Hary Tanoesoedibjo. He also says his relationship with Donald Trump is 'purely commercial.'
(Source: Bloomberg)
It’s no longer enough to build just a hotel. “There needs to be something for the entire family, there must be an entertainment component, something to bring people together,” he said in a Wednesday interview.
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While Indonesia has avoided strict lockdowns seen elsewhere, many people avoided traveling as the virus raged through the country, leading them to watch more TV at home and consume more online content -- a boon for MNC’s media businesses. Mobility has now begun to improve as the vaccination program progresses and the number of new daily cases stabilize, so the company must capture their attention in other ways.
Blockbuster Drama
To do that, MNC’s 3,000-hectare project in Lido, West Java, will need about 34 trillion rupiah ($2.3 billion) of investment, with up to a third coming from MNC, Tanoesoedibjo said. The rest needs to come from other investors who have expressed interest in building a motorbike-racing track, premium outlets or even a Madame Tussauds-style museum. The project, about 60 kilometers away from Jakarta, will also have a resort operated by Trump Organization.
His relationship with Donald Trump Jr. is purely business, said Tanoesoedibjo, who is the main local partner for the former U.S. president.
“We worked with him before he was president and we continue to work with him, as our considerations are commercial, not political,” he added. “As long as both sides meet their commitments, we keep going.”
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The Lido Music & Arts Center will hold festivals reminiscent of Coachella that can hold up to 50,000 people, while a nearby Movieland will serve as sets for MNC’s many TV programs and let fans of those shows come to visit. One of the company’s blockbusters is romantic drama “Ikatan Cinta” or “Love’s Bond” which broke records in April when more than half of Indonesians tuned in to its episode -- a feat for a country with more than 270 million people.
“Media will contribute to property and property will support entertainment. This is the synergy we want,” said Tanoesoedibjo.
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April 29, 2021 at 05:00AM
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Indonesian 'Coachella' to Lure Post-Pandemic Crowd for MNC Group - Bloomberg
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