Insight

FILM vs. RAAM: Indonesia’s Film Industry Players

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Algo Research Team

Company | Sep 16, 2025 | Views: 425

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Key Summary:

  • One family, two players in the Indonesian film industry
  • Both companies have been busy with corporate actions
  • In terms of share price, FILM has outperformed RAAM

Indonesia’s film and content industry is largely influenced by two companies, Multivision Plus (RAAM) and MD Entertainment (FILM). Although they operate separately, both companies actually belong to one family, the Punjabis.


How it began? In 1967, three Punjabi brothers, Dhamoo Punjabi, Ram Punjabi, and Gobind Punjabi, ventured into the film industry by establishing Indako Film, a film import company, with reportedly an initial capital of IDR 30 million.

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