SINGAPORE: Netflix, The Walt Disney Co, Formula One Group and ONE Championship. These industry heavyweights are among 11 members of a new media advisory council that Singapore expects will give it valuable input and help it assess key trends in the industry.
The Media International Advisory Council, chaired by Communications and Information Minister S Iswaran, was launched on Monday (Dec 2). It will convene annually in Singapore as part of the Singapore Media Festival.
The inaugural council comprises 11 members appointed by the Infocomm Media Development Authority.
They will discuss how media firms in the region can tap on new industry trends, as well as discuss how policy markers and industry players can work together in giving the sector a boost.
Speaking to the media after the first meeting, Mr Iswaran shared examples of using policies to grow a strong pipeline of tech talent in the industry.
“You need people who are well-versed in production, the technical aspects of production, and so on. And it has to be done at a world-class level, in order for the content to be distributable to the global audience,” he said.
“I think that's an important area where government and industry can work together with our institutions of higher learning to create more of such, world-class talent that can learn from the best from around the world.”
This strong talent pool, along with Singapore’s capabilities and status as a financial hub, according to Mr Iswaran, will also place Singapore in good stead to become a media hub for the region.
“It's clear that the industry players all see our markets in the region as markets that hold great promise, both from the point of view of distributing the content they already have to the citizens of Southeast Asia, but also as a source of talent to create new content, which can be distributed not just within Southeast Asia, but to the rest of the world.” he explained.
Mr Iswaran added the council is beneficial because the industry heavyweights can give Singapore “very valuable inputs” as to what are the considerations that are driving their thinking and business strategies going forward.
“Each one of them individually helming organisations in the industry, making important decisions investment decisions, operational decisions, and these have a bearing on the kind of opportunities we can create in Singapore.” he said.
According to IMDA, the media sector is set to see content investment hit US$4.4 billion by 2024.
“The set-up of the council is timely to provide critical insights on potential opportunities for Singapore and the region to play a relevant, more significant role in the changing global media industry,” IMDA said in a statement.