MDA fund boasts $740 million
EmptySINGAPORE -- About S$1 billion ($740 million) worth of funding -- split among media projects, content production and new-media research and development -- is currently available in Singapore, Media Development Authority boss Chris Chia said Wednesday.
Speaking at the first joint update by three government agencies -- the Media Development Authority, Economic Development Board and Infocomm Development Authority -- Chia said that the funding included both government and private sector capital.
Singapore's total media sector, including film, television, music and games, is worth $13.5 billion in revenue, employs more than 53,000 people and contributed $3.6 billion in value-added services, according to Department of Statistics figures.
Chia said that the MDA had invested in co-production deals worth a total of S$190 million from 2003-07.
Content deals worth $700 million have been generated from Singapore in the past year, Chia said.
These include the co-production between Singapore's Imagine OmniMedia and Mark Burnett Prods. to produce "The Contender Asia." The series was supported by the Development Bank of Singapore.
Deals also include October's $10 million agreement between Upside Down Entertainment (a partnership between Singapore production company Upside Down Concepts and U.S.-based Quixotic Media Group) with financing partner Cinema Solutions, to fund two feature motion pictures for the international market.
Thursday's overview will be followed later this year by the Singapore Media Fusion 2015 strategic blueprint.