Winston Utomo: A Young Indonesian Entrepreneur Who Masterminds the Future of Media and Entertainment
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17 November 2023 21:28 WIB
Winston then reached out to his brother, William Utomo, who was still in Los Angeles. After the call, William was brimming with enthusiasm, firm in his belief that IDN Media had the potential to revolutionize the media landscape in Indonesia. William subsequently set aside his dream in investment banking, recognizing the profound and positive impact IDN Media could wield on society. He returned from Los Angeles to Surabaya, and together with Winston Utomo, he started the journey of IDN Media.
Winston's decision to establish IDN Media was full of challenges. "Pioneering the IDN Times was no cakewalk. We encountered many challenges, including skepticism from friends and loved ones. However, we had faith in our vision, hopeful that our efforts would be monumental for Indonesia's youth."
A Defining Encounter
The tide turned when William was invited to speak at an alumni gathering at his alma mater, the University of Southern California. Here, he seized the opportunity to introduce IDN Media to the audience. Little did he know, someone in the audience harbored a keen interest in learning more about IDN Media. That person was Willson Cuaca, the Managing Partner of East Ventures.
“When William met Willson in Singapore, something interesting happened. Many people say that if East Ventures asks you to meet in a fancy restaurant, it means your idea will be rejected. But if you meet at a Kopitiam, it means East Ventures is interested. So, when Willson invited William to Ya Kun Kaya Toast kopitiam, it meant they wanted to invest in us. And the tale is proven to be true.” Winston shared this story, highlighting a crucial moment in IDN Media's first investment.
This juncture marked a pivotal moment in IDN Media's trajectory. Subsequently, IDN Media secured five rounds of funding, the last being the Series D funding in 2022. On September 7, 2015, IDN Media, then recognized as IDN Times, received its inaugural seed funding from East Ventures. The following year, on September 5, 2016, IDN Media secured Series A funding from North Base Media and a consortium of investors, including GDP Venture (Djarum Group), East Ventures, and MNM Creative.
On November 21, 2017, IDN Media clinched Series B funding from East Ventures and Soul Capital Hong Kong. Then, on January 8, 2019, IDN Media received Series C funding from East Ventures (Growth Fund), a venture entity borne of the union of East Ventures, Sinar Mas, and Yahoo! Japan, True Digital (part of Thailand's conglomerate, Charoen Pokphand), and LINE Venture.
On June 6, 2022, IDN Media secured Series D funding, this time from Mayapada Group and KMIF (an investment firm representing several major Indonesian conglomerates). East Ventures, OCBC NISP Ventura, Dentsu Group, and V Media Ventures joined the ranks of investors. This cemented IDN Media's position as one of the largest media and entertainment companies in Southeast Asia.
The Rapid Growth of IDN Media and Winston's Guiding Principles
After nine years of trials and success in nurturing IDN Media, Winston underscores the significance of cultivating an ecosystem to attain a competitive edge and create sustained growth in this industry. IDN Media was born with a comprehensive, synergistic multi-platform ecosystem strategy, birthing a myriad of innovations to ensure IDN Media remains pertinent and capable of meeting the demands of the Indonesian young generation.
Since its inception on June 8, 2014, IDN Media has witnessed substantial year-on-year growth. Presently, IDN Media operates across five business verticals: digital media, live-streaming, entertainment, commercials, and creator economy. Within these, IDN Media encompasses 19 business units, inclusive of IDN Times, Popbela.com, Popmama.com, GGWP, Duniaku.com, FORTUNE, Yummy, IDN Platform, Saweria, IDN Pictures, JKT48, Boss Creator, IDN Creative, IDN Event, Bluebird IDN OOH, ICE, MORF, non-profit organizations IDN Foundation and IDN Research Institute. IDN Media's mission is to build into the most comprehensive media and entertainment ecosystem tailored for Indonesia's Millennials and Z generations.
Through IDN Pictures, IDN Media has released a diverse array of films spanning various genres and narratives that inspire. This catalog encompasses the iconic comedy Srimulat: Hil yang Mustahal, two spine-chilling horror flicks Inang and Qorin, which dominated the box office in Indonesia, the poignant drama Balada Si Roy, adapted from the bestselling novel, and the suspense-laden thriller Sleep Call, acknowledged by a diverse array of critics and is selected as Best Picture nominations in the prestigious Festival Film Indonesia 2023. From profound dramas to uproarious comedies, each film serves as a testament to the astute creative vision of local filmmakers. Through IDN Pictures, IDN Media provides invaluable support to the development of the Indonesian film industry, connecting audiences with genuine, high-quality narratives that resonate on an emotional and intellectual level while imparting moral lessons about life.
The gauge of IDN Media's success extends beyond the number of business units and products brought to fruition. In leading IDN Media, Winston underscores that people and culture are the most essential part of any organization. This forms the focal point of Winston's leadership ethos. Anchored in Timmyness (IDN Media's ten cardinal values), the organizational culture revolves around three core tenets: integrity, inclusion, and growth. These bedrock principles are embodied in every Timmy contributing to IDN Media's endeavors.
