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“Honestly I am acquiring a sinking ship,” the president director of MD Entertainment says in an interview in his lavish Jakarta office in October, just hours after inking a deal to buy a majority stake in the station’s parent company.
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“If I can turn it around, it will be an extraordinary satisfaction,” he says.Punjabi knows something about satisfying audiences in the Indonesian entertainment business.
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MD Entertainment already has a substantial portfolio of over 14,000 hours of company-owned content.
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In Indonesia’s sprawling archipelago of over 17,000 islands, some locations lack cinemas or internet, but can receive a TV signal.The move is also meant to enhance the company’s strength in content creation, giving it another medium for which it can produce content, to be integrated with shows made for cinemas, digital TV and over-the-top (OTT) services.
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is a game-changer.
“TV is small money now.
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It doesn’t mean revenue from cinema is going down, but TV is starting to generate revenue.
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For a time, he dropped the pursuit, thinking free-to-air TV perhaps wasn’t a workable ticket for business expansion.
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In 2023, the total combined ad revenue of Indonesia’s publicly listed TV broadcasters was around 15 trillion rupiah ($1 billion).
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“[NET.] is my stepping stone to the big universe I’m creating for MD,” Punjabi says.
Next up comes the hard work of realizing his strategy, and even as he tries to do so, he must also deal with new competitors as well as long-time rivals that are beefing up with deep-pocketed partners.Film production is a family business.Punjabi is the only son of Dhamoo Punjabi, who together with his younger brothers Gobind and Ram and a fourth partner, started a company called Panorama Film to import films into Indonesia in the 1960s and later produce them.
In 1989 they began selling TV programming and a year later launched Tripar Multivision Plus (better known as MVP) to produce Indonesian soap operas calledsinetron,which quickly found a home with new privately owned TV stations hungry for content.Manoj Punjabi has always loved films.
He began collecting movie posters at age 7, and by 10 was a fervent fan who went to his father’s office after school to watch movies, only stopping “when my dad asked me to go home and do my homework,” he says.
“Since childhood, I wanted to be a filmmaker.”It didn’t happen as quickly as he hoped.
Punjabi finished a bachelor’s degree in marketing and finance in 1993, only to be compelled to find a job outside the film industry, which had been hard hit by an economic downturn.
He got work at a pulp and paper company, but that didn't excite him, and when his three months’ probation period ended, the company said his services were no longer needed.
Next he teamed up with a partner in a garment business, where he oversaw factory operations and marketing.
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