Penggunaan model hibrida dalam penilaian Aset Tak Berwujud (ATB) berupa akun instagram: Studi kasus akun IG Amanda Zahra (@aamandazahra)

Marudut Gerald Christian; Imam Muhasan

doi:10.54957/akuntansiku.v4i3.1884

Authors

Marudut Gerald Christian Direktorat Jenderal Pajak
Imam Muhasan Politeknik Keuangan Negara STAN

DOI:

https://doi.org/10.54957/akuntansiku.v4i3.1884

Keywords:

Hybrid Model, Instagram, Intangible Assets, Valuation

Abstract

Penelitian ini merupakan simulasi penilaian terhadap Aset Tak Berwujud (ATB) berupa akun Instagram, dengan menggunakan Model Hibrida melalui pendekatan pendapatan. Pada suatu akun media sosial, terdapat dua karakteristik ATB yang berbeda, yaitu aset terkait pemasaran (merek pribadi) dan aset terkait pelanggan (basis pengikut). Untuk mengakomodir kedua karakteristik tersebut, penggunaan Model Hibrida dianggap dapat menjembatani celah metodologis dengan mengintegrasikan dua metode penilaian yang terkait, yaitu metode Penghematan Royalti (Relief from Royalty) dan Metode Arus Kas Terdiskonto (Discounted Cash Flow-DCF). Metode Relief from Royalty digunakan untuk mengukur nilai dari komponen merek pribadi (endorsement), sedangkan Discounted Cash Flow-DCF digunakan untuk mengukur nilai dari komponen basis pengikut. Untuk mendapatkan gambaran secara lebih riil dan mendalam, penelitian ini menggunakan akun Instagram Amanda Zahra (@aamandazahra) sebagai objek studi kasus. Dari penilaian dengan menggunakan Model Hibrida pada penelitian ini, diperoleh Nilai Kini atas Komponen Personal Brand (Endorsement) sebesar Rp286.464.314 dan Nilai Kini atas Komponen Langganan (Subscribers) sebesar Rp1.151.999.766. Dengan melakukan agregasi terhadap kedua komponen tersebut, estimasi nilai ekonomi total atas ATB berupa akun Instagram @aamandazahra setelah dibulatkan per Juni 2025 adalah sebesar Rp1.438.000.000.

This research is a simulation of the valuation of an Intangible Asset (IA) in the form of an Instagram account, using a Hybrid Model through an income approach. A social media account possesses two distinct characteristics of IAs: marketing-related assets (personal brand) and customer-related assets (follower base). To accommodate both characteristics, the use of a Hybrid Model is considered capable of bridging the methodological gap by integrating two related valuation methods: the Relief from Royalty (RFR) method and the Discounted Cash Flow (DCF) method. The Relief from Royalty method is used to measure the value of the personal brand component (endorsement), while the Discounted Cash Flow (DCF) method is used to measure the value of the follower base component. To obtain a more realistic picture, this research uses the Instagram account of Amanda Zahra (@aamandazahra) as a case study object. From the valuation using the Hybrid Model in this research, the Present Value of the Personal Brand (Endorsement) Component was found to be IDR 286,464,314, and the Present Value of the Subscription (Subscribers) Component was IDR 1,151,999,766. By aggregating these two components, the estimated total economic value of the IA in the form of the Instagram account @aamandazahra, rounded as of June 2025, is IDR 1,438,000,000.

References

Armstrong, M., 2006. Competition in two-sided markets. RAND Journal of Economics, 37(3), pp. 668–691.

Barker, R., Lennard, A. & Schipper, K., 2022. Accounting for intangible assets: suggested solutions. Accounting and Business Research, 52(5), pp. 421–446.

Belanche, D., Casaló, L. V. & Flavián, M., 2021. Building influencers’ credibility on Instagram. Journal of Retailing and Consumer Services, 61, 102585.

Casaló, L. V., Flavián, C. & Ibáñez-Sánchez, S., 2020. Influencers on Instagram: Antecedents and consequences of opinion leadership. Journal of Business Research, 117, pp. 510–519.

Corrado, C., Hulten, C. & Sichel, D., 2017. Intangible capital and US economic growth. Review of Income and Wealth, 63(1), pp. 147–180.

Damodaran, A., 2012. Investment Valuation: Tools and Techniques for Determining the Value of Any Asset. New York: John Wiley & Sons.

De Veirman, M., Cauberghe, V. & Hudders, L., 2017. Marketing through Instagram influencers: Impact of number of followers and product divergence. International Journal of Advertising, 36(5), pp. 798–828.

Goldman Sachs, 2023. The creator economy could approach half-a-trillion dollars by 2027. [Online] Tersedia di: https://www.goldmansachs.com/intelligence/pages/the-creator-economy-could-approach-half-a-trillion-dollars-by-2027.html [Diakses: 5 September 2025].

Gupta, S., Lehmann, D. R. & Stuart, J. A., 2004. Valuing customers. Journal of Marketing Research, 41(1), pp. 7–18.

Influencer Marketing Hub, 2025. The State of Influencer Marketing 2025: Benchmark Report. Influencer Marketing Hub Publishing.

International Valuation Standards Council (IVSC), 2024. International Valuation Standards (IVS). London: IVSC.

Kementerian Keuangan Republik Indonesia, 2020. PMK No. 48/PMK.03/2020. Jakarta: Kementerian Keuangan Republik Indonesia.

Ki, C. W. C., Cuevas, L. M., Chong, S. M. & Lim, H., 2020. Influencer marketing: Social media influencers as human brands attaching to followers. Journal of Retailing and Consumer Services, 55, 102133.

Lou, C. & Yuan, S., 2019. Influencer marketing: How message value and credibility affect consumer trust. Journal of Interactive Advertising, 19(1), pp. 58–73.

Masyarakat Profesi Penilai Indonesia (MAPPI), 2018. Standar Penilaian Indonesia 320: Penilaian Aset Takberwujud. In: Kode Etik Penilai Indonesia dan Standar Penilaian Indonesia (KEPI & SPI). Edisi VII. Jakarta: MAPPI.

McCarthy, D. M. & Fader, P. S., 2018. Customer-Based Corporate Valuation for publicly traded noncontractual firms. Journal of Marketing Research, 55(5), pp. 617–635.

McCarthy, D. M., Fader, P. S. & Hardie, B. G. S., 2017. Valuing subscription-based businesses using publicly disclosed customer data. Journal of Marketing, 81(1), pp. 17–35.

OECD, 2021. Statement on a Two-Pillar Solution to Address the Tax Challenges Arising from the Digitalisation of the Economy. Paris: OECD Publishing.

Ooi, S. H., Yang, M., Chong, A. Y.-L. & Lin, Z., 2023. Social media influencers’ endorsement effectiveness: A systematic review. Journal of Business Research, 170, 114128.

Parker, G. G. & Van Alstyne, M. W., 2005. Two-sided network effects: A theory of information product design. Management Science, 51(10), pp. 1494–1504.

Peters, R. H. & Taylor, L. A., 2017. Intangible capital and the investment-q relation. Journal of Financial Economics, 123(2), pp. 251–272.

Pratt, S. P. & Grabowski, R. J., 2010. Cost of Capital: Applications and Examples. 4th edn. Hoboken, NJ: Wiley.

Recurly, 2025. The State of Subscriptions: 2025 Industry Benchmarks Report. San Francisco, CA: Recurly, Inc.

Reilly, R. F. & Schweihs, R. P., 2016. Guide to Intangible Asset Valuation. New York: John Wiley & Sons.

Rochet, J. C. & Tirole, J., 2003. Platform competition in two-sided markets. Journal of the European Economic Association, 1(4), pp. 990–1029.

Rust, R. T., Lemon, K. N. & Zeithaml, V. A., 2004. Return on marketing: Using customer equity to focus marketing strategy. Journal of Marketing, 68(1), pp. 109–127.

Salinas, G. & Ambler, T., 2009. A taxonomy of brand valuation practice: Methodologies and purposes. Journal of Brand Management, 17(1), pp. 39–61.

Skalický, R. et al., 2023. Brand valuation: an innovative approach based on…. Economic Research-Ekonomska Istraživanja, 36(1), pp. 1–19.

Sokolova, K. & Kefi, H., 2020. How credibility and parasocial interaction influence purchase intentions. Journal of Retailing and Consumer Services, 53, 101742.

Tempo, 2025. Kemenkeu akan coba gali pajak lewat media sosial untuk target penerimaan 2026. Tempo.co, [Online] 14 Juli. Tersedia di: https://www.tempo.co/ekonomi/kemenkeu-akan-coba-gali-pajak-lewat-media-sosial-untuk-target-penerimaan-2026-1995515 [Diakses: 5 September 2025].

Toder-Alon, A., Brunel, F. F. & Fournier, S., 2014. Word-of-mouth rhetorics in social media talk. Journal of Marketing Communications, 20(1-2), pp. 42–64.

Tofan, D. E. & Kurnia, R., 2022. Analisis Pelaksanaan PMK 48/PMK.03/2020 dalam pemungutan PPN PMSE. Balance Jurnal Akuntansi dan Bisnis, 9(2), pp. 231–240.