Singapore Restructures Financing Mechanisms

SINGAPORE: The Media Development Authority of Singapore (MDA) has announced an overhaul of its funding mechanisms, streamlining the number of grants from 46 to 5—for development, production, marketing, talent and enterprises—across broadcast, film, animation, publishing, interactive media, games and music.

The MDA is offering up a total of S$88 million ($68.4 million) across the five grant schemes. The revised financing structure is aimed an encouraging media companies to take greater control of their IP in order to better exploit that content across multiple platforms. Development assistant offers up to S$150,000 for content and up to $200,000 for apps. Production assistance will come in the form of up to 50 percent of Singapore expenditure. Marketing assistance will offer up to $5,000 for individuals and up to $25,000 per company per application. Talent assistance will be provided up to $15,000, plus scholarships and training. Enterprise assistance—a scheme to help develop scalable, profitable, innovative media enterprises—will come in the form of up to S$1 million per year for up to five years.

"The most important reason for us to embark on this review is to position us for the future," said MDA CEO Aubeck Kam. "Our earlier efforts, under Media 21, and for the first half of the Singapore Media Fusion Plan (or SMFP), have put the media industry in a good position. As at 2009, the media sector generated S$6.4 billion of value-added, and we are on track to achieving the goal of S$8 billion value-added by 2013 spelt out in the SMFP."