Elang Mahkota Teknologi Tbk (Emtek/SCTV Group)
Indonesian media group behind SCTV, Indosiar TV and Vidio streaming, plus fintech and e-commerce stakes.
On the record
Checkpoint: Q2/H1 2026 earnings report, testing if the FY2025 profit rebound holds
The call
Emtek still leads Indonesian broadcast and streaming reach, but its earnings, partners, and fintech stake are all moving in less favorable directions at once.
Emtek owns TV stations (SCTV, Indosiar) and runs Vidio, Indonesia's top streaming app, which has exclusive rights to show Premier League soccer through 2028. The TV licenses and banking permits are hard for outsiders to get because Indonesia's government controls them. However, earnings dropped 42 percent in early 2026 even though revenue grew, the stock price has fallen sharply, a major investor from South Korea called Naver is leaving, and a new bundle combining Viu and iQIYI streaming services launches later this year and will directly compete for the same Indonesian viewers. The biggest question is whether Vidio can keep its subscribers and pricing when the Viu-iQIYI bundle arrives and when the Premier League contract expires after 2028.
Why
01
AI pressure: YouTube and TikTok algorithmic short-video feeds. Algorithmic short-video feeds pull ad budgets and young viewers away from linear TV and long-form streaming. Could AI do the core job? Unlikely.
02
Bigger players: Viu and iQIYI cross-regional subscription bundle. Viu and iQIYI plan a joint Indonesia bundle for H2 2026, aimed directly at Vidio's subscriber base. Could a giant copy it? No, they are blocked.
03
What protects it. Protected broadcast licenses for SCTV and Indosiar plus exclusive Premier League streaming rights through 2027-28.
What would change this call
Vidio subscriber and ARPU trends after Viu-iQIYI bundle launches in Indonesia H2 2026. Would show whether Vidio's #1 OTT position is eroding to a cross-regional streaming rival.
Emtek's Q2/H1 2026 earnings release due early August 2026. Would confirm or reverse the Q1 2026 42% net income decline, testing profit stability.
Outcome of Premier League rights renewal talks after the 2027-28 contract expires. Would show whether Emtek retains its key content moat for Vidio or loses it to a competitor.
Emtek's Q2/H1 2026 earnings release due early August 2026. Would confirm or reverse the Q1 2026 42% net income decline, testing profit stability.
Outcome of Premier League rights renewal talks after the 2027-28 contract expires. Would show whether Emtek retains its key content moat for Vidio or loses it to a competitor.
Key numbers
- Q1 2026 net income fell about 42% YoY
- TTM revenue up 53% YoY to IDR 21.0 trillion
- Naver's stake cut from 1.79% to 0.87%
Named risks
- Superbank consolidation by Grab dilutes Emtek's economic exposure to digital banking.
- Viu-iQIYI Indonesia bundle launching H2 2026 threatens Vidio subscriber base.
- Volatile quarterly earnings (Q1 2026 net income down 42% YoY) undercut FY2025 profit narrative.
- Strategic investor Naver continuing to sell down its Emtek stake signals waning confidence.
- Share price down sharply from 2025 highs, reflecting broad investor uncertainty.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Viu / iQIYI (bundle) | gaining on | Cross-regional subscription bundle covering Indonesia announced June 2026, launching H2 2026 |
| Netflix / Disney+ Hotstar | contesting | Vidio led Nielsen 2025 cumulative reach but described as neck-and-neck domestically |
| Grab (Superbank) | losing to | Grab moved to raise Superbank stake above 50% in filing dated May 20, 2026 |
| MNC Media (RCTI, Vision+) | contesting | Direct FTA-TV and OTT rival with a 2021 carriage dispute against Vidio |
| Trans Media (Trans TV, Trans7) | contesting | Incumbent free-to-air broadcaster competing for the same domestic ad market |
Questions people ask
- Is Emtek profitable in 2026?
- Emtek's FY2025 net income rebounded to roughly IDR 6.79 trillion, but Q1 2026 net income fell about 42% YoY even as trailing twelve-month revenue hit IDR 21.0 trillion (+53% YoY) as of March 31, 2026, showing volatile, not steady, profitability.
- Could AI replace SCTV or Vidio's content teams?
- Emtek deploys AI for dubbing, subtitling, transcription and ad-replacement (VidioGen with Gemini 3.1, Veo, Imagen launched April 2026), but its moat is FTA spectrum licenses, Premier League rights through 2027-28, and local IP, not tasks AI alone can replicate.
- Who owns Elang Mahkota Teknologi (Emtek)?
- Emtek is majority-controlled by the founding Sariaatmadja family; Eddy Kusnadi Sariaatmadja held about 21.94% as of April 2025, alongside Salim Group interests around 6.21-15.21%. It has traded on the Indonesia Stock Exchange (IDX:EMTK) since its January 2010 IPO.
- Is Emtek's biggest competitor Netflix or a local rival?
- Vidio competes with Netflix, Disney+ Hotstar, MNC Media's Vision+, and Trans Media domestically, and was named Indonesia's #1 OTT by Nielsen 2025 audience reach with 10.9M+ viewers, but a Viu-iQIYI subscription bundle launches in Indonesia in H2 2026 as a new threat.
- Is Emtek stock a safe investment right now?
- EMTK shares ranged from IDR 476 to IDR 1,700 over the 52 weeks to July 17, 2026, a sharp decline from 2025 highs, while strategic investor Naver cut its stake from 1.79% to about 0.87% by end-2025, signaling investor caution.
- Is Emtek doing layoffs?
- Emtek's headcount fell to 9,334 employees as of March 31, 2026, down 8.9% year-over-year, after having jumped to about 10,241 in Q1 2025 following Superbank and hospital-network consolidation, suggesting a post-acquisition trim rather than a broad layoff drive.
Timeline
- 2026-07-25Emtek market cap sits around IDR 30.9-31.5 trillion on stockanalysis.com
- 2026-05-20Grab files to consolidate Superbank, raising stake above 50%, diluting Emtek
- 2026-04-24Nielsen names Vidio Indonesia's #1 OTT platform by 2025 audience reach
- 2026-04-22Emtek unveils Google Cloud AI partnership, VidioGen powered by Gemini 3.1, Veo
- 2026-03-31Emtek Q1 2026 net income falls about 42% YoY despite revenue growth
- 2026-03-23Report confirms Naver has trimmed Emtek stake to about 0.87%
- 2026-02-18AI-assisted animated series New Keluarga Somat premieres on Mentari TV
- 2025-12-17Grab-backed Superbank IPOs on IDX, raises about $180-217M, jumps 24%
- 2025-08-01Vidio rebrands under tagline Lebih Dari Hiburan
- 2025-03-20Vidio granted patent for AI-powered live-TV ad-replacement technology
Revision history
25 July 2026
First assessed. Defensible for now. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- Nielsen Names Vidio Indonesia's #1 OTT Platform (2026-04-24)
- PT Elang Mahkota Teknologi Tbk Revenue (2026-07-08)
- PT Elang Mahkota Teknologi Tbk (2026-07-25)
- Elang Mahkota Teknologi Tbk Stock Price Today (2026-07-17)
- Naver trims Emtek stake as Indonesia bet underperforms (2026-03-23)
- Grab-Backed Super Bank Jumps in Jakarta Debut (2025-12-17)
- Grab to consolidate Indonesian digital bank Superbank (2026-05-20)
- Bukalapak fully deploys IPO proceeds, faces pressure to deliver returns (2026-07-21)
- PT Elang Mahkota Teknologi Tbk Employees (2026-03-30)
- Vidio Secures Patent for AI-Powered Ad Replacement Technology (2025-07-29)
- Emtek Group Unveils 'Studio of the Future' Vision with Google Cloud (2026-04-22)
- Emtek Group, Google Cloud advance content production with generative AI (2026-02-17)