February 17, 2009
The Singapore government will inject S$230 million over the next five years to develop its media industry under a new media masterplan known as Singapore Media Fusion (SMF). It hopes to stimulate demand for local content, develop talent and create jobs in the growing media sector. The amount is a 40 per cent jump over the previous five-year masterplan. Minister for Information, Communications and the Arts (MICA), Lee Boon Yang said the republic’s creative industry, which includes the arts, media and infocomm sectors, had grown 6 per cent annually – in terms of adding value to the economy – since 2003. But last year, the sector grew by just an estimated 1 to 2 per cent, compared to 9 per cent in 2007. Nonetheless, he was upbeat about the long-term prospects for the industry and pledged to help local industries through the difficult period. “MICA will harness our resources to help creative enterprises ride out the storm and prepare for recovery. We will ensure that Singapore’s creative industries and the wider economy will have both the software and hardware to grow and prosper once the economic storm blows over.” said Dr Lee. Singapore media players have started to make an impression overseas in the past few years. Last year, for instance, more than 110 media companies participated in overseas events and secured US$84 million (S$126 million) worth of deals.