SULCO RESEARCH

Research / Sulco Study No. 2 / Sources

Sources

Every source behind the full study, slide by slide as in the footnotes, then all 59 with links and grades. Data to 30 October 2026.

Every source behind the full study. First, the source notes as they appear at the foot of each slide; then the full list of 59 sources with links, the date of the figure used and a grade: A primary and audited (21), B official or reported by a named body (27), C a single estimate (11). No headline number rests on a C source alone. Sources were opened on 30 October 2026 unless stated.

Sources by slide

Slide 2 Indonesia has too few cinemas, not too few viewers: 8.4 screens per million people, each selling 53,000 tickets a year

Sources: [1] BPI to DPR, 6 Nov 2025 (2,375 screens, 496 cinemas); [2] Kemenbud, 9 Jan 2026 (80.27m tickets, 201 titles); [3] Sulco site census, 29 to 30 Oct 2026 (518 sites, 514 regencies, BPS 2025 population); [4] peers: national film bodies, Focus 2025, WDI. Ratios, income test and scenarios: Sulco Research, study workbook (Canonical and Assumption_Register sheets).

Slide 4 Three kinds of company bring a film to a screen: producers make it, distributors sell it, and a few chains own the screens

Sources: [1] GPBSI Cinema Day release, 22 Oct 2026 (19 chains); [2] Cinema XXI 9M 2026 results; CGV (BLTZ) H1 2025; [3] filmindonesia.or.id 2025 admissions page and id.wikipedia release tables (producer counts, Sulco estimate); [4] UU 33/2009 Art. 32; UU 1/2022 Art. 58; [5] MPA 2025 (SVOD subscriptions, Indonesia).

Slide 5 A Rp46,000 ticket splits three ways: about Rp4,200 to the city, Rp20,900 to the cinema and Rp20,900 to the producer side

Sources: [1] Cinema XXI FY2025 results via Fortune IDN and Kabarbursa, 6 Mar 2026 (ATP Rp46,057; F&B Rp25,814); [2] UU 1/2022 Art. 58 via DDTCNews, 5 Jan 2024; Kontan, 24 Mar 2018 (pre-2024 rates); [3] Jakarta Kepgub 531/2026 via DDTCNews, 22 Jun 2026; [4] APROFI (2016) and exhibitor statements (2025) on the 50:50 split; distributor fee is a Sulco estimate. Ticket sheet of the workbook.

Slide 6 Indonesia publishes no official box office: the ministry counts local films, private trackers estimate the total, an industry body counts screens

Sources: [1] Republika, 7 Nov 2025 (BPI hearing); [2] Gebrak, 9 Jan 2026 (Kemenbud); [3] Jakarta Post, 24 May 2025 (Bicara Box Office); Kumparan, 14 Jan 2026; [4] Cinema XXI FY2025; [5] IMAJI (2014) citing perfilman.pnri.go.id; JAFF-Cinepoint report 2025 via Variety. Counting sheet notes in the research log.

Slide 7 Indonesia in 2025: 2,375 screens in 496 cinemas, and 80 million tickets sold for 201 Indonesian films

Sources: [1] BPI, Nov 2025; filmindonesia.or.id via Databoks (2016, 2020); GPBSI via CNN Indonesia, May 2019; [2] Kemenbud, 9 Jan 2026; filmindonesia.or.id 2020 report (2018 to 2019); Kontan, 22 Mar 2018 (2016 to 2017); [3] Unifrance/Comscore (2019 total); Bicara Box Office via Jakarta Post (2023 to 2024; 152m for 2019); Suka Nonton Film via Kumparan (2025). Trackers differ in method; totals are indicative. 2016 share: Comscore total; Kontan reported 32%. Admissions sheet.

Slide 8 Indonesia had more screens per person in the early 1990s than today: 2,853 fell to 676 by 2002, and the rebuild has reached 8.4 per million

Sources: [1] indonesiafilm.net series (H.M. Johan Tjasmadi), as cited in IMAJI (2014): 1990, 2002, 2007; [2] filmindonesia.or.id reports and Databoks (2012, 2016, 2018, 2020); CNN Indonesia (2014, 2017, 2019); [3] BPI (2025); Jakarta Post, 27 Dec 2009 (causes); Kontan, 12 Feb 2016 (Perpres 44/2016). Populations: BPS and WDI.

Slide 9 170 of 514 regencies and cities have a cinema, covering 62% of people; Java is 74 to 100% covered, NTB and NTT about 10%

Sources: Sulco Research site census, 29 to 30 Oct 2026: Cinema XXI locations API (270 sites), cgv.id/api/cinemas (71), Cinépolis and small-chain tables on id.wikipedia with press cites, jadwalnonton.com showtimes for independents (sites without showtimes treated as closed); regency populations: BPS 2025 via id.wikipedia province tables (514 rows, 285.0m). Coverage is by address, not travel time. Map outline: Natural Earth (public domain). Sites and Coverage sheets.

Slide 10 344 regencies with 109 million people have no cinema; the 20 largest could fill about 215 to 380 screens at the national rate

Sources: Sulco Research site census and regency_coverage.csv (514 regencies and cities, BPS 2025 population via id.wikipedia); ticket rate and utilisation from the Admissions and Assumption_Register sheets. Coverage is by address; a regency with one small cinema counts as covered. Illustrative; not a forecast.

Slide 11 Cinema XXI owns 59% of screens and sells about 69% of tickets; fifteen other chains and some independents share the rest

Sources: [1] Sulco site census 29 to 30 Oct 2026 (cinema21.co.id locations API; cgv.id/api/cinemas; id.wikipedia chain tables with press cites; jadwalnonton.com showtimes); [2] Cinema XXI 9M 2026 results (Kontan, Infobank); IPO prospectus via Fortune IDN, 11 Jul 2023 (Euromonitor shares; 2016 share from Cabinet Secretary, Feb 2016); [3] CGV (BLTZ) H1 2025 filing; [4] Platinum: RAAM 2025; [5] BPI, Nov 2025; GPBSI, 27 Oct 2026. Operators and Sites sheets.

Slide 12 Tickets to Indonesian films rose from 16 million in 2015 to 80 million in 2024, then held level in 2025 on 201 films

Sources: [1] Kemenbud via Gebrak, 9 Jan 2026 (2024, 2025); filmindonesia.or.id Pemandangan Umum 2020 (2018, 2019); Kontan, 22 Mar 2018 (2016, 2017); Databoks (2015); Koran Jakarta, 3 Jan 2023 (2020 to 2022); id.wikipedia monthly tables and BPI (2023, 54 to 55m). Titles: Kemenbud (2025), Cinepoint via Kontan (2024), filmindonesia.or.id (earlier). Admissions sheet.

Slide 13 In 2025 two films took a quarter of local tickets; the median film sold 100,000, below a cheap horror film’s break-even

Sources: [1] filmindonesia.or.id admissions page for 2025, accessed 30 Oct 2026 (180 titles with figures); concentration counts and producer-share arithmetic: Sulco Research, Titles_2025 and Ticket sheets; [2] Kemenbud, 9 Jan 2026 (201 titles, 90 horror); [3] budgets: Rapi Films via CNN Indonesia, 30 Oct 2019; APROFI via Bareksa, 18 May 2016; Deadline/CNA (Jumbo).

Slide 14 Local films took about a third of tickets in 2019 and two thirds in 2025, as imports fell from over 100 million tickets to about 41 million

Sources: Research log, what-sells pass (domestic_top_by_year.csv, local_vs_foreign_by_year.csv, foreign_top_by_year.csv, genre_share_by_year.csv); Pusbangfilm series via Puslitjak Kemdikbud 2020; Kontan 22 Mar 2018; Unifrance Bilan Indonesia 2020 (Comscore); Jakarta Post 24 May 2025 and madcornishprojectionist.co.uk (Bicara Box Office); Kemenbud via Gebrak 9 Jan 2026; en.wikipedia "List of 20YY box office number-one films in Indonesia" (Cinepoint admissions); Box Office Mojo Indonesia yearly pages.

Slide 15 Horror supplies the volume, with 26 to 61% of top-30 tickets since 2017 and 90 of 201 releases in 2025; comedy makes the biggest hits

Sources: genre_share_by_year.csv and domestic_top_by_year.csv (what-sells pass, 30 Oct 2026): filmindonesia.or.id admissions and genre tags, id.wikipedia yearly release tables; Kemenbud horror count via Gebrak 9 Jan 2026. Romance in 2025 is lifted by one title (Sore: Istri dari Masa Depan).

Slide 16 The ten biggest imports grossed US$166 million in Indonesia in 2019 and US$49 to 62 million in 2024 and 2025, about a third as much

Sources: foreign_top_by_year.csv (what-sells pass): Box Office Mojo Indonesia yearly pages and title pages; en.wikipedia "List of 20YY box office number-one films in Indonesia" citing Cinepoint (2019 to 2025), Bicara Box Office and Deadline (2022), Comscore via Unifrance (2020). 2015 has three verifiable titles only.

Slide 17 MD Pictures sold 74 million tickets from 87 films in 2015 to 2025 and Falcon 59 million from 68; Hitmaker took 10 of 18 past a million

Sources: [1] id.wikipedia "Daftar film Indonesia tahun 2015 to 2025" release tables (Produksi and Penonton columns) with filmindonesia.or.id admissions and credit pages, parsed 30 Oct 2026 (Sulco estimates; producer_league.csv in the research folder); [2] MD Entertainment FY2025 via BCA Sekuritas, 31 Mar 2026; [3] Deadline/CNA (Jumbo); AFP via Malay Mail, 11 May 2025.

Slide 18 About 110 to 140 companies release a film each year, three quarters of them only one; co-productions grew from a fifth to two fifths or more

Sources: Sulco Research from id.wikipedia yearly release tables and filmindonesia.or.id, parsed 30 Oct 2026 (producer_titles_2015_2025.csv, 1,368 titles; coverage table in producers_notes.md). Ministry catalogue counts: Kemenbud, 9 Jan 2026 (201 theatrical titles in 2025); Pusbangfilm (149 in 2016).

Slide 19 Cinema XXI earns Rp5.9 trillion a year at a 31% EBITDA margin, pays out more than its profit, and adds fewer screens each year

Sources: Cinema XXI results via Investortrust (9 Mar 2024, 25 Apr 2025, 1 May 2026), Infobank (27 Feb 2025, 31 Jul 2026), Kabarbursa and Fortune IDN (6 Mar 2026), Kontan (30 Jul 2026); IPO prospectus via Fortune IDN (11 Jul 2023); Bisnis, 3 Apr 2024 (capex plan Rp775bn for about 100 screens); Pasardana, 7 Apr 2026 (dividend). 2023 and 2024 ticket prices are estimates. CNMA sheet.

Slide 20 A Rp5 billion film needs about 270,000 viewers to break even at Rp18,000 net a ticket; in 2025 three in ten releases got there

Sources: [1] budgets: Rapi Films via CNN Indonesia, 30 Oct 2019; APROFI bands via Bareksa, 18 May 2016; Deadline/CNA (Jumbo); [2] break-even and title shares: Sulco Research, Ticket and Titles_2025 sheets (ATP Rp46,057; tax 10%; split 50:50; distributor fee 12.5%, estimate); [3] MD Entertainment 9M 2025 (OTT revenue Rp55bn, +64%); Kemenbud window proposal, Apr 2026. Not a valuation of any film or company.

Slide 21 Policy opened the market to foreign owners and capped the ticket tax at 10%, but funds neither films nor screens

Sources: UU 33/2009 and Kontan, 27 Jun 2016; Perpres 44/2016 via Kontan, 12 Feb 2016, and Clifford Chance, May 2016; UU 1/2022 via DDTCNews, 5 Jan 2024; Jakarta Kepgub 531/2026 via DDTCNews, 22 Jun 2026; Kemenbud Dana IndonesiaRaya via GNFI, 6 Apr 2026; incentive drafts via GNFI, 26 Jan 2026, and DDTCNews, 18 May 2026; neighbours: NST (Malaysia), Tilleke (Thailand), Malaya (Philippines), KOFIC, VietNamNet. Warta Ekonomi, 26 Jun 2026 (10,000 screens).

Slide 22 Streaming is the second screen: 27 million paid subscriptions, and Indonesian titles take 30% of Southeast Asia’s paid streaming viewing

Sources: MPA Asia Pacific, 2025 report (subscriptions; viewing share Q4 2025); SCMA (Vidio); Netflix Indonesia price list, 2026; Kemenbud window proposal via press, Apr 2026; AVISI-UPH piracy study, 2024 (Rp14.8tn; illegal users 2.3 to 2.5 times legal); Korea: KOFIC (admissions 227m in 2019, 123m in 2024).

Slide 23 Paid streaming subscriptions rose from 21 to 27 million in 2023 to 2025 and cinema tickets rose too; hits reach streaming after 3 to 9 months

Sources: MPA/AMPD (subscriptions Feb 2026; revenue via HKEX application proof 27 Apr 2026, Exhibit 2; 2024 release 20 Feb 2025; 2023 via Bisnis 5 Mar 2024); admissions as on slide 12; Cinema XXI results [S10]; windows from Netflix and Disney+ Hotstar release dates in press (Medcom 30 Oct 2022; Kontan MomsMoney 2024 to 2025; Katadata May 2026; Gizmologi Jul 2025); Korea: Asiae 18 Sep 2025; US: Omdia via Celluloid Junkie 18 Jun 2026. Research log, streaming pass.

Slide 24 Korea and India lost 56% and 43% of cinema visits since 2019 after steep price rises and short windows; Indonesia shows neither

Sources: KOFIC yearly reports 2019 to 2025 and survey Mar 2026 (via Korea Times, Asiae); MAI-EY footfall report 2025 and Ormax Box Office Report 2025 (India); Tuoi Tre 17 Mar 2026 (Vietnam); TRIS Rating 2 Jan 2024, Bangkok Post 2025 (Thailand); Indonesia: Admissions sheet, Cinema XXI [S10]; Antara Jatim 1 Apr 2026 (four-month window). TikTok hours: We Are Social Digital 2025 Indonesia via GoodStats 13 Nov 2025. PwC Outlook 2025 to 2029: gaming US$1.6bn, SVOD US$0.5bn, cinema US$0.3 to 0.4bn in 2024.

Slide 25 Indonesia has 8.4 screens per million people: a quarter of Malaysia’s, half of Thailand’s, and below Vietnam and the Philippines

Sources: [1] screens: BPI (Indonesia, Nov 2025); FINAS (Malaysia); Major Cineplex, SF and Unifrance (Thailand, about 1,200); CGV Vietnam and Deadline (Vietnam, 2023); FDCP (Philippines, 2020, no later data); IMDA (Singapore); KOFIC (Korea); Eiren (Japan); China Film Administration; FICCI-EY (India); Screen Australia; ANCINE (Brazil); [2] population: WDI 2024. Peers sheet of the workbook; grades and conflicts in the research log.

Slide 26 Indonesians buy 0.44 tickets a year each, fewer than Thais or Vietnamese, yet each screen sells 53,000 a year, second only to India

Sources: admissions from Focus 2025 (Indonesia 126m, 2024), KOFIC, Eiren, China Film Administration, FICCI-EY, IMDA, FINAS-derived (Malaysia 32.6m; Comscore 48.7m for 2023), M Studio (Thailand), CGV Vietnam (derived), HKBO, Screen Australia, CNC, ANCINE, IMCINE; screens as on the previous slide; population WDI 2024. Peers sheet. The 165m figure is arithmetic, not a forecast.

Slide 27 At Indonesia’s income other countries have about 18 screens per million; Indonesia has 8.4, and Thailand and Malaysia also sit below the line

Sources: screens and population as on slide 25; GDP per person PPP (constant 2021 US$), WDI 2024. Regression: Sulco Research, Peers sheet of the study workbook (semi-log fit; countries off the chart’s income range are in the fit if they have data).

Slide 28 Tickets per person sit close to the income line: Indonesians go to the cinema about as often as their income predicts, on half the screens

Sources: admissions and population as on slide 26; GDP per person WDI 2024. Regression: Sulco Research, Peers sheet. Ticket prices: Cinema XXI FY2025; Tuoi Tre (Vietnam 2025); M Studio via MarketingOops (Thailand 2024); Ormax (India 2024); ANCINE, CANACINE; Comscore via Unifrance (Malaysia 2023); GDP per person in US$, WDI 2024. Indicative.

Slide 29 Vietnam went from 90 screens to 1,200 in a decade, Korea doubled to 3,300 and Thailand reached 1,300; Indonesia added about 3 to 4% a year since 2019

Sources: [1] Vietnam: Deadline, VNS, Unifrance/Comscore (screens 2010 to 2023); Cục Điện ảnh and CGV Vietnam (box office 2024 to 2025); [2] Korea: KOFIC via Korea Times (2005, 2024); Focus editions via Screen Australia (2008 to 2023); Daum (closures); [3] Thailand: Unifrance/Comscore, Major Cineplex annual report 2024, M Studio; [4] Indonesia: as on slide 8. Peers sheet and research log, section 2.

Slide 30 Six measures of the gap: 8.4 screens per million, 53,000 tickets per screen, 0.44 tickets per person, and one chain with 59% of screens

Sources: Peers, Province_Coverage, Titles_2025 and Operators sheets of the study workbook; Philippines FDCP 2020 (latest published); India FICCI-EY 2025; peer chain shares from VNA 2024 (Vietnam), Major Cineplex 2024 (Thailand, estimate), KOFIC (Korea, estimate). M5 Indonesia: 121m tickets × Rp46,000 at Rp16,600 per US$, divided by population (estimate).

Slide 31 Five public claims tested: Indonesia is short of screens but not by 10,000, the 2025 record is a tie, and streaming has not hurt cinema yet

Sources: [1] BPI to DPR via Republika, 6 Nov 2025; Suara Surabaya, 8 Jun 2025 (minister, 10,000 screens); [2] Kemenbud via Gebrak, 9 Jan 2026; [3] JAFF and Cinepoint 2025 report via Variety; en.wikipedia "Cinema of Indonesia" (grade C, quoted as a claim only); indonesiafilm.net via IMAJI (2014); GPBSI; [4] Sulco site census, Oct 2026; [5] Antara Jatim, 1 Apr 2026; MPA/AMPD 2026.

Slide 32 Four paths to 31 December 2030 give 81 to 200 million tickets a year; only a build-out to 15 screens per million reaches 200 million

Sources: Sulco Research, Scenarios and Assumption_Register sheets (population growth 0.8% a year; tickets per screen 53,100 in 2024; ticket price Rp46,057); capex per screen from Cinema XXI guidance (2019) and the 2024 plan (Bisnis, 3 Apr 2024). Primary horizon 31 December 2030. Illustrative; outcomes may differ materially.

Slide 33 At 200 million tickets a year, spending at the cinema rises from Rp9 trillion to Rp14 trillion, still under 0.1% of GDP

Sources: Sulco Research, Industry sheet of the study workbook (formulas off the Assumption_Register: ticket Rp46,057 and food Rp25,814 per head, Cinema XXI FY2025; tax 10%, UU 1/2022; exhibitor 50%, distributor 12.5%, conventions). Jobs: Cinema XXI 2023 annual report, 4,779 employees for 1,280 screens. GDP: BPS, 5 Feb 2025. Capex: Cinema XXI 2019 guidance and 2024 plan. Illustrative; the producer side includes imported films’ distributors.

Slide 34 Eight dated signposts will show which path Indonesia is on, starting with Cinema XXI’s screen count each quarter

Sources: Sulco Research. Thresholds are Sulco judgements tied to the scenario arithmetic on slide 32 and the company guidance on slide 19. Dates are expected release dates, to be checked in the event scan before publication.

Slide 37 The strongest case against our reading: tickets per screen may be overstated, and new screens outside big malls may not pay

Sources: MPA Asia Video Content Dynamics 2025 via Senal News, 15 Sep 2025; Cinepoint via JAFF; CGV (BLTZ) H1 2025 filing; Sulco site census, Oct 2026 (closed sites: no showtimes on jadwalnonton.com); Cinema XXI H1 2026 results (Kontan, 30 Jul 2026); Peers sheet.

All sources, graded

  1. S1 · Grade B · 6 Nov 2025
    Badan Perfilman Indonesia to Komisi VII DPR: 2,375 screens, 496 cinemas, 37 provinces; need 10,000
    Official industry body statement to parliament, reported by Republika and Antara
  2. S2 · Grade B · mid-2025
    BPS provincial population mid-2025 (via Wikipedia provinces table citing BPS 2026)
    BPS figures via a table citing BPS
  3. S3 · Grade B · Oct 2014
    Tjasmadi, Seratus Tahun Bioskop Indonesia, via perfilman.pnri.go.id and IMAJI 2014 (1990: 2,600 cinemas, 2,853 screens; 2002: 264/676; 2007: 438/959)
    Archival history with stated sources
  4. S4 · Grade B · 2025; 2009
    JAFF Market and Cinepoint, Indonesia Film Industry Report 2025 (2,354 screens, 7.7 per million, "6,600 in the 1980s"); Jakarta Post 27 Dec 2009 (GPBSI 3,300)
    Industry report; C for the unsourced 6,600 figure
  5. S5 · Grade C · various
    Screen history 2014 to 2020: CNN Indonesia 14 Oct 2014, 18 May 2018, 16 May 2019; filmindonesia.or.id Pemandangan Umum 2019; Databoks 30 Mar 2021; Cabinet Secretary 11 Feb 2016
    Single press reports by year
  6. S6 · Grade A · 30 Oct 2026
    Cinema XXI locations API (cinema21.co.id), 270 outlets with address and province; company: 271 sites, 1,402 screens at 30 Sep 2026
    Company location list
  7. S7 · Grade A · Jun 2025
    CGV Cinemas Indonesia site list (71 sites, 405 screens at 30 Jun 2025, BLTZ filings); Wikipedia table by province
    Company list and filings
  8. S8 · Grade C · 2024 to 2026
    Regencies with a cinema: about 115 of 514 (press compilation; GoodStats 3 Oct 2026 for Jakarta 68 cinemas); Aceh none (detik 24 Aug 2024); Papua Pegunungan none (Mojok 29 Sep 2024)
    Superseded by S54 (site census); kept for the Aceh reference
  9. S9 · Grade B · Jul 2023
    CNMA IPO prospectus (Euromonitor end-2021 shares) via Fortune IDN 11 Jul 2023 and Bisnis 7 Jul 2023
    Prospectus figures via two outlets
  10. S10 · Grade B · 2024 to 2026
    Cinema XXI results: Investortrust 9 Mar 2024, 25 Apr 2025, 1 May 2026; Infobank 27 Feb 2025, 31 Jul 2026; Kabarbursa 6 Mar 2026; Fortune IDN 6 Mar 2026; Kontan 30 Jul 2026; Bisnis 3 Apr 2024 (capex); Pasardana 7 Apr 2026 (dividend)
    Company results via several outlets
  11. S11 · Grade A · Mar 2021; 30 Oct 2026
    filmindonesia.or.id: Pemandangan Umum Industri Film 2020 (2018 and 2019 admissions); admissions pages by year
    Official film database reports
  12. S12 · Grade B · Jan to Feb 2026
    Kemenbud statement 9 Jan 2026 via Gebrak: 80.27m admissions, 201 titles (90 horror, 66 drama), 2,732 TPPF, 36 importers; CNA Indonesia 24 Feb 2026
    Ministry figures via two outlets
  13. S13 · Grade A · 30 Oct 2026
    filmindonesia.or.id admissions by title, 2025 and 2024 (scraped 30 Oct 2026); id.wikipedia release tables for producer credits
    Official film database by title; credits B
  14. S14 · Grade B · May 2025; Jan 2026
    Bicara Box Office tracker via Jakarta Post 24 May 2025 (114.5m 2023, 126.2m 2024, local 65%); Suka Nonton Film via Kumparan 14 Jan 2026 (">120m" 2025); Kontan 22 Mar 2018 (2016 to 2017 local share)
    Two independent trackers
  15. S15 · Grade C · various
    Earlier admissions: medcom 30 Apr 2015 (2010, 2014); Databoks/Kemenparekraf (2015); Kontan 22 Mar 2018 (2016, 2017); Koran Jakarta 3 Jan 2023 (2020 to 2022); Antara 10 Feb 2024 (BPI 2023)
    Single press reports
  16. S16 · Grade C · May 2025
    Jumbo: budget under US$3m, US$8m-plus gross by May 2025, 40 countries (Deadline/CNA; AFP via Malay Mail 11 May 2025)
    Press reports
  17. S17 · Grade C · 2011 to 2019
    Production budgets: CNN Indonesia 30 Oct 2019 (Rapi Films, horror Rp5 to 10bn); APROFI bands via Bareksa 18 May 2016; Kontan 2011 (drama)
    Interviews
  18. S18 · Grade B · Mar 2026
    MD Entertainment (FILM) FY2025 via BCA Sekuritas (revenue Rp496bn, loss Rp257bn); The Ken 30 May 2023
    Company results via broker
  19. S19 · Grade A · 2025 to 2026
    CGV (BLTZ) filings via Investortrust and IDX: 9M 2025, Q1 2026 going-concern note; CJ CGV Indonesia 2025 KRW109.3bn revenue
    Company filings
  20. S20 · Grade A · Jan 2024
    UU 1/2022 HKPD Art. 58 (cinema PBJT cap 10%, from 5 Jan 2024); DDTCNews 5 Jan 2024 and 6 Aug 2024; Kontan 24 Mar 2018 (pre-2024 city rates)
    Law text
  21. S21 · Grade A · Jun 2026
    Jakarta Kepgub 531/2026 (50% PBJT relief on national films, half to producers); DDTCNews 22 Jun 2026; IKPI 28 Jun 2026
    Regional regulation
  22. S22 · Grade C · 2016; 2025
    Exhibitor and producer split 50:50 of net box office: APROFI (Sheila Timothy) via Bareksa 18 May 2016; RRI 2025 exhibitor statement (headline only)
    Industry convention from interviews
  23. S23 · Grade A · Jun 2016
    UU 33/2009 Perfilman Art. 32 (60% local screen time, never implemented): Kontan 27 Jun 2016; RRI 2025 (DPR Komisi VII)
    Law text
  24. S24 · Grade A · Feb 2016
    Perpres 44/2016 (cinema off the negative list; 100% foreign ownership): Kontan 12 Feb 2016; Clifford Chance May 2016
    Regulation
  25. S25 · Grade B · 2023 to 2026
    Film incentives abroad: Malaysia FIMI 30% (NST 8 Apr 2025); Thailand 15 to 30% (Tilleke 12 Mar 2025); Philippines FLIP up to 25% (Malaya 16 Sep 2025); Korea KOFIC 20 to 25% (guideline 2023); Indonesia proposal stage (GNFI 26 Jan 2026; DDTC 18 May 2026)
    Law firm and press summaries of rules
  26. S26 · Grade C · Apr 2026
    Kemenbud film funds: Dana Abadi Kebudayaan Rp6tn; Dana IndonesiaRaya Rp500bn 2026 (GNFI 6 Apr 2026; Warta Ekonomi)
    Press reports of budgets
  27. S27 · Grade B · 2025 to 2026
    Streaming and piracy: MPA 2025 (26.9m premium SVOD subs in Indonesia; Indonesian content 30% of SE Asia premium VOD viewing Q4 2025); AVISI-UPH piracy study 2024 (Rp14.8tn losses); Minister's 4-month window proposal (Apr 2026)
    Industry association study
  28. S28 · Grade C · 2026
    Small-format and public cinema initiatives: Layar Digi in Alfamart (Mar 2026), Perfiki Bioskop Rakyat, PFN Sinewara (ops 2027), Jaksinema (Aug 2026); GPBSI Cinema Day 27 Oct 2026 (19 chains, 500-plus locations)
    Press reports
  29. S29 · Grade B · Oct 2025
    Kemenekraf: creative-economy budget and targets (Investortrust; Bisnis 21 Oct 2025); film sub-sector value added Rp2.69tn 2021, Rp3.41tn 2024 projection
    Ministry figures via press
  30. S30 · Grade A · database Oct 2026
    World Bank WDI API: SP.POP.TOTL, NY.GDP.PCAP.PP.KD, latest (2024/2025)
    World Bank data
  31. S31 · Grade A · 2025
    European Audiovisual Observatory, Focus 2025: World Film Market Trends (free edition: admissions and films produced by country; Indonesia 126m admissions 9th, 285 films 8th)
    European Audiovisual Observatory
  32. S32 · Grade A · 2025
    KOFIC Korean film industry statistics 2024 (3,296 screens, 123.1m admissions, KRW1.19tn box office); yearly screens 2005 to 2024
    Korean Film Council
  33. S33 · Grade A · 2025
    Eiren (Japan) 2024: 3,675 screens, 144.4m admissions, JPY207bn
    Eiren
  34. S34 · Grade A · 2025
    China Film Administration 2024: 90,968 screens, 1.007bn admissions, CNY42.5bn
    China Film Administration
  35. S35 · Grade B · 2025
    India: FICCI-EY 2025 (9,927 screens, 883m admissions); PVR Inox filings
    FICCI-EY industry report
  36. S36 · Grade B · 2025
    Malaysia FINAS 2024 (1,116 screens; local admissions and box office); Comscore 2023 admissions 48.7m vs FINAS-derived 32.6m (conflict noted)
    FINAS with a conflicting Comscore figure
  37. S37 · Grade B · 2025
    Thailand: Major Cineplex annual report 2024 (838 screens incl. Laos), SF Cinema; M Studio 2024 (36.7m nationwide admissions); Comscore 2023 (Bangkok area 17.3m)
    Company report and studio estimate
  38. S38 · Grade B · 2025
    Vietnam: Cục Điện ảnh and CGV Vietnam (1,100 screens 2023; box office US$213m 2025, US$194.5m 2024); screens 2010 about 90, 2019 1,207
    Agency and company figures via press
  39. S39 · Grade A · 2020
    Philippines: FDCP/MTRCB (1,041 screens 2020; no statistics published after 2020)
    Regulator, 2020 only
  40. S40 · Grade A · 2025
    Singapore IMDA 2024: 267 screens, 8.4m admissions, S$ box office; Cambodia 2022: 95 screens, 1.7m admissions
    Regulator
  41. S41 · Grade A · 2025
    Australia: Screen Australia 2024 (2,244 screens, 55.4m admissions, A$ box office); New Zealand 2023
    Screen Australia
  42. S42 · Grade A · 2025
    US and Canada: MPA THEME 2024 (38,592 screens, 762m admissions, US$8.6bn); UK BFI 2024; France CNC 2024; Germany FFA 2024; Spain ICAA 2024; Italy ANICA/Cinetel 2024
    National bodies
  43. S43 · Grade A · 2025
    Mexico IMCINE Anuario 2024; Brazil ANCINE 2024; Turkey Box Office Türkiye 2024; Russia Kinopoisk/Bulletin 2024; South Africa NFVF 2023; Nigeria 2024 (press)
    National bodies
  44. S44 · Grade C · 2025
    Hong Kong HKBO 2024 (19.2m admissions, HK$1.3bn); Sri Lanka, Pakistan, Bangladesh screen counts (uncited lists, graded weak)
    Mixed; uncited lists for screen counts
  45. S45 · Grade B · 2021
    Unifrance/Comscore Indonesia: 2,050 screens and 167.5m admissions in 2019, 2,085 screens in 2020, for reconciliation with BPI and the trackers
    Comscore via Unifrance
  46. S46 · Grade A · 2024
    PT Nusantara Sejahtera Raya Tbk (Cinema XXI), Annual and Sustainability Report 2023: 4,779 employees including subsidiaries (p.42)
    Company annual report
  47. S47 · Grade A · 2025-02-05
    BPS, Ekonomi Indonesia Tahun 2024 Tumbuh 5,03 Persen: PDB atas dasar harga berlaku Rp22.139 triliun
    BPS release
  48. S48 · Grade B · 2026-04-27
    MPA/AMPD: Indonesia SVOD subscriptions and revenue (release 11 Feb 2026 via Katadata; Exhibit 2 in an HKEX application proof 27 Apr 2026; MPA release 20 Feb 2025; Bisnis 5 Mar 2024)
    MPA commissioned study and releases
  49. S49 · Grade B · 2026
    KOFIC yearly reports 2019 to 2025 and audience survey Mar 2026 (via Korea Times, Asiae 18 Sep 2025); Korea holdback bill Sep 2025
    KOFIC via press
  50. S50 · Grade B · 2026
    India: MAI-EY footfall report 2025 (via Social Samosa); Ormax Box Office Report 2025
    Industry reports
  51. S51 · Grade C · 2026
    Indonesian theatrical-to-streaming windows: Medcom 30 Oct 2022; Kontan MomsMoney Sep 2024, Nov 2024, Aug 2025; Gizmologi Jul 2025; Katadata May 2026; Wikipedia release dates
    Single press reports of release dates
  52. S52 · Grade B · 2025
    We Are Social, Digital 2025 Indonesia (TikTok 44h54m a month) via GoodStats 13 Nov 2025; PwC Global E&M Outlook 2025 to 2029, Indonesia release 2 Sep 2025; Antara Jatim 1 Apr 2026 (four-month window)
    Industry reports
  53. S53 · Grade B · 2026-10-30
    id.wikipedia "Daftar film Indonesia tahun 2015" to "tahun 2025" (Produksi, Penonton columns), parsed 30 Oct 2026; filmindonesia.or.id admissions and /kredit pages; company pages on id.wikipedia for house profiles
    Release tables citing the official database
  54. S54 · Grade B · 2026-10-30
    Sulco Research cinema site census 29 to 30 Oct 2026: cinema21.co.id locations API (pintubioskop.cinema21.co.id/graphql); cgv.id/api/cinemas (header x-from-app: true); id.wikipedia chain tables (Cinépolis, NSC, Platinum, Sam's, KCM, Flix, Movimax, Dakota, Local Cinema) with press cites; jadwalnonton.com city pages (410 cinemas, showtimes checked); regency populations from id.wikipedia province tables citing BPS 2025
    Sulco census of company lists (A) and an aggregator (C); method stated
  55. S55 · Grade B · 2026-10-30
    Box Office Mojo, Indonesia yearly box office pages 2015 to 2025 and title pages (foreign films' Indonesia gross, US$)
    Box Office Mojo; misses some titles
  56. S56 · Grade C · 2026-10-30
    en.wikipedia "List of 2019 to 2025 box office number-one films in Indonesia" (admissions by title, citing Cinepoint); id.wikipedia yearly film lists; Bicara Box Office via madcornishprojectionist.co.uk and Jakarta Post 24 May 2025
    Wikipedia lists citing Cinepoint; context only, supported by S55 gross
  57. S57 · Grade B · 2021
    Unifrance, Bilan Indonesia 2020 (Comscore totals 2016 to 2020: 89.5m, 102.8m, 137.8m, 167.5m, 31.4m); Pusbangfilm series via Puslitjak Kemdikbud 2020; Kontan 22 Mar 2018
    Comscore via Unifrance; Pusbangfilm
  58. S58 · Grade B · 2026-10-30
    UNIC Annual Report 2025 (pp. 16 to 17: Poland, Netherlands, Romania, Czech Republic, Portugal, Ukraine, Turkey); Proimagenes and EGEDA via La Republica and Acento (Colombia); Film Commission via Zawya and Argaam (Saudi Arabia); national statistics via Orda.kz (Kazakhstan 2025); CCM via Le Matin (Morocco 2025); WDI 2024
    UNIC table (A for EU members); single reports for Colombia, Saudi Arabia, Kazakhstan, Morocco (C)
  59. S59 · Grade B · 2026-10-30
    Ticket prices: Kabarbursa (Cinema XXI 2025); Tuoi Tre (Vietnam 2025); MarketingOops (M Studio, Thailand 2024); Comscore via Unifrance (Malaysia 2023); Ormax (India 2024); KOFIC via Korea Times; ANCINE; CANACINE; UNIC (Turkey); WDI NY.GDP.PCAP.CD 2024
    Mixed: A for ANCINE, CANACINE; C for single reports