SINGAPORE: Media projects in the region such as television shows, movies and animation are set to receive more financial support, as the Singapore government sets aside S$20 million in a call for partners to jointly fund these projects.
While there are no restrictions on the types of projects, interested parties must set up in and invest out of Singapore.
They must also have an established track record in media fund management.
Communications and Information Minister S Iswaran announced the financing partnership programme for media funds - touted to be the first of its kind in Southeast Asia - at the opening ceremony of the Asia TV Forum & Market and ScreenSingapore on Wednesday (Dec 4).
In his speech, he said that Singapore aims to do more to involve the private sector in developing a deeper media financing ecosystem.
“We will evaluate the response and forms of partnerships, and then decide what we can do further with it,” he said.
“Singapore is well placed to play a catalytic role in the growth of Asia’s media ecosystem, particularly in Southeast Asia. Beyond our traditional role as a business, financial and technology hub, Singapore’s media ecosystem is vibrant and growing.”
The Infocomm Media Development Authority (IMDA) said potential outcomes of the programme include creating job opportunities, an increase in “Made with Singapore” productions, as well as the growth of new specialised media services companies.
Apart from the fund, IMDA is also making efforts to boost the vibrancy of the media sector through new partnerships with global companies such as CJ ENM Hong Kong, HOOQ, Tencent, VS Media, Viacom and Facebook.
Under the partnerships, local media companies and talent will be able to create content for these digital content services and platforms.
“Close to 100 media companies and many Singapore talent will benefit from these partnerships, and we look forward to many more joining us in this venture,” Mr Iswaran said.
Media firms in Singapore and the region can also look forward to tapping on industry trends going forward.
This is under a new International Media Advisory Council that will convene annually for the government to engage industry heavyweights and discuss how policymakers and industry players can work together in giving the sector a boost.
Mr Iswaran said the IMDA will now study and follow up on the key ideas that emerged from the deliberations of the council’s first meeting.