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SINGAPORE : The government is ramping up investment in the digital advertising sector - with a S$30 million fund for the next three years.
And it's doing so with an alliance of five industry bodies to raise the game in digital advertising.
Companies looking to develop innovations in digital advertising can now tap into the S$30 million fund from the Media Development Authority (MDA).
Despite the recession, digital advertising saw strong growth - from S$51 million in 2008 to about S$65 million last year.
As a proportion of total advertising expenditure, it still accounts for only a small slice of the pie, at about 5 percent. But the newly-formed alliance expects to grow that to 20 per cent of total spending by 2020.
The alliance comprises the Association of Accredited Advertising Agents Singapore, the Interactive Advertising Bureau, the Institute of Advertising Singapore, the Mobile Marketing Association, and the Singapore Infocomm Technology Federation.
"What we're trying to push as the Interactive Advertising Bureau, is standards and guidelines, education and thought leadership, research, and being able to give not just our members, but the alliance, the tools they need to invest even further into digital (advertising)," said Ken Mandel, regional VP of Yahoo! Southeast Asia. He is also the chairman of the Interactive Advertising Bureau.
Industry players said the growth of digital advertising will not make traditional platforms redundant.
Instead, companies that operate multiple platforms, like MediaCorp, can leverage on their strengths.
"For advertisers, it's a one-stop shop. You go to MediaCorp, and you say look, I'd like to reach a wide set of audience. You sponsor a TV programme, and it goes on air, it goes online, and it reaches a few sets of demographics. And so it's value-for-money for the advertisers," said Moses Lye, VP of Interactive Media, MediaCorp.
And authorities expect that as online advertising revenue grows, so will the Interactive Digital Media sector.
Michael Yap, Deputy Chief Executive of MDA said: "Advertisements are the life-blood of the new media sector. So we need a vibrant online advertising in order to fuel the growth of the online media sector."
Figures by Deloitte showed that last year, the sector grew 15.1 per cent, contributing S$867 million to GDP. - CNA /ls
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