Billionaire Movie Mogul Builds Next Hollywood In Southeast Asia
When a horror film took Indonesia by storm last year, it not only became the highest-grossing local movie ever but also turned its producer, Manoj Punjabi, into a billionaire. The co-founder and CEO of movie producer PT MD Pictures saw his stake in the Jakarta-listed company skyrocket to $1.6 billion, elevating him to an elite club alongside renowned film executives like Steven Spielberg, George Lucas, and Jerry Bruckheimer. Punjabi is now using his fortune to establish a Hollywood-style empire in Southeast Asia, starting with Indonesia.
Despite being famous only within Indonesia until recently, Punjabi’s success has propelled him onto the international stage. The 50-year-old entrepreneur, who initially struggled with various business ventures after studying marketing and finance, joined his father and uncle’s movie business in 1995. The Punjabi family was already a prominent figure in Indonesia’s entertainment industry, with Manoj’s uncle, Raam Punjabi, monopolizing the short-format telenovelas in the 1990s.
After parting ways with his uncle in 2002, Manoj and his father formed MD Group and ventured into producing soap operas. However, it was not until 2008 that they achieved a breakthrough with a blockbuster movie that shattered box office records previously held by James Cameron in Indonesia. Since then, MD Pictures has continued to produce highly popular films, solidifying Manoj Punjabi’s reputation.
Tencent Holdings Ltd., recognizing the growing popularity of MD Pictures and its video streaming platforms, invested $50 million for a 15% stake in the company in 2021. This move not only signified Tencent’s desire to establish a presence in Indonesia but also highlighted the robust growth potential of the nation’s entertainment and media industry.
As the 15th largest market globally, with revenues totaling $13 billion, Indonesian entertainment is set to grow by 7.7% through 2027, driven by increasing consumer spending and demand for streaming services. This rapid expansion has unlocked vast opportunities for Punjabi, who can now utilize his newfound wealth to further develop his business empire.
Punjabi’s remarkable rise to billionaire status has allowed him to indulge in a lavish lifestyle, hosting extravagant parties and acquiring luxurious possessions like Rolls-Royces and Bentleys. Reflecting on his journey to success, he acknowledges that failure has played a pivotal role in shaping his achievements.
The Punjabi family’s influence extends beyond Manoj’s company—Raam Punjabi’s PT Tripar Multivision Plus has experienced significant growth as well. Since its listing in May, the shares have surged by 193%, raising the elder Punjabi’s stake value to $229 million.
Satrya Wibawa, the head of the Center for Creative Industries at the Graduate School of Universitas Airlangga, describes the Punjabis as the Indonesian Hollywood, noting their collaborations with renowned directors and their introductions of acclaimed actors and actresses to the Indonesian film industry.
With his new Hollywood-style empire, Manoj Punjabi aims to transform Southeast Asia’s entertainment landscape and establish Indonesia as a major player in the global film industry. As he continues on this path of success, Punjabi remains an influential figure in the region, captivating audiences with his captivating storytelling and dedication to creating quality films that resonate with the masses.
