Resource-Based View and the Digital Transformation of Islamic Media: The Case of Suara Muhammadiyah (SM)

This study examines the organizational transformation of Suara Muhammadiyah (SM) or Voice of Muhammadiyah magazine, a century-old Islamic magazine in Indonesia, through the lens of the Resource-Based View (RBV). The research investigates how the magazine mobilizes tangible and intangible resources, diversifies business platforms, and leverages its identity and legitimacy to achieve strategic renewal. Data were collected through twelve in-depth interviews with executives, managers, and operational staff in 2025, supplemented by archival documents, company reports, and publicly available online publications. Findings indicate that tangible resources, such as printing infrastructure, digital platforms, and distribution networks, are effectively integrated with intangible resources, including organizational legitimacy, brand heritage, and community trust. These resource bundles generate distinctive capabilities that support both economic resilience and mission alignment. The study further reveals that diversification into business ventures, property development (SM Tower), retail (LogMart), and tourism (SM Jetski) functions as a strategic mechanism to mobilize resources while embedding Muhammadiyah’s values of independence, community service, and resilience. Intangible assets, such as trust and identity, are employed as strategic levers, reinforcing organizational credibility and enabling innovation across multiple platforms. RBV analysis demonstrates that the alignment of tangible and intangible resources fosters unique, path-dependent capabilities that are difficult for competitors to imitate, contributing to sustainable transformation in a faith-based media context. This research contributes to the literature by extending RBV applications to religious media organizations, illustrating how resource orchestration, diversification, and legitimacy management collectively drive organizational renewal. Practical implications include the strategic mobilization of both tangible and intangible resources, mission-aligned diversification, and leveraging organizational identity to navigate disruption and maintain relevance. Future research may explore comparative studies across Islamic media organizations or longitudinal analyses of resource deployment and capability evolution in faith-based contexts. Keywords: Digital, Legitimacy, Organizational, Resource-based view, Suara Muhammadiyah, Transformation