A cinema revolution looms in Indonesia.
ONE OF THE WORLD'S most under screened territories, Indonesia is set to see a massive expansion of new cinemas in the next few years. The payoff will be big for domestic filmmakers as well as for Hollywood studios, which traditionally have earned meager revenues from Indonesia.
The catalyst was the decision in February by President Joko Widodo to permit up to 100% foreign ownership in 35 business sectors previously closed to foreign investors, including film exhibition, distribution and production, as part of his “big bang” efforts to liberalize Southeast Asia’s largest economy.
With a population of 255 million, Indonesia had just 1,159 screens last year, of which 87% are located on Java, the most populous island. While no agency systematically collects industry data, exhibitors estimate annual box office revenues at $250 million in 2015. Hollywood releases gross on average about $5 million in Indonesia. Captain America: Civil War was a rare breakout at $15 million.
This story is from the July 2016 edition of Forbes Indonesia.
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This story is from the July 2016 edition of Forbes Indonesia.
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