SINGAPORE — Singapore is channelling more funds into its media landscape to help local companies and talents work with international partners, as well as deepen their skills in virtual productions.

The Infocomm Media Development Authority (IMDA) on Wednesday (Dec 6) launched a S$30 million International Co-Production Fund to encourage local media firms to collaborate with foreign producers, directors and scriptwriters.

The initiative supports the creation of drama series with a distinct Singapore flavour and international appeal, and aims to help these shows go global.

Another S$25 million will be set aside for the Virtual Production Innovation Fund that aims to further develop the industry’s virtual production capabilities.

Senior Minister of State for Communications and Information Tan Kiat How announced the two funds at the opening of the Asia TV Forum and Market at the Marina Bay Sands.

The event is part of the Singapore Media Festival, which brings together the region’s media entrepreneurs, talents, creators and consumers. About 50,000 participants from 60 countries are expected to attend the 11-day festival, which celebrates its 10th edition this year.

S$30 MILLION CO-PRODUCTION FUND

The co-production fund aims to bring Singapore stories to a global audience through streaming platforms, in collaboration with production partners overseas.

Mr Tan said the initiative will create fresh opportunities for local media talents to deepen their expertise by working and learning alongside international counterparts in key creative roles.

“More international co-productions will showcase our Singaporean talent beyond our shores. We are making big investments in this space, helping our local media work with global counterparts in terms of production and distribution,” he said.

The fund is available to local media companies with a track record in long-form content, and who are interested in cross-border co-productions with a goal of reaching overseas viewers. Firms can submit their proposals to IMDA from next Monday until Jan 31 next year.

The fund complements a range of overseas co-production initiatives, including programmes that spotlight Singapore as a destination through content, and help local talent build their skills and portfolios.

S$25 MILLION VIRTUAL PRODUCTION FUND

The virtual production fund is part of efforts to develop more local talent and technologies to meet the increasing demand for such shows in the industry.

This emerging technology uses real-time visual effects to supplement traditional filmmaking and post-production. It can be an alternative to filming on location or on physical sets.

The fund was first launched in December last year at S$5 million and has supported 20 projects so far.

For instance, Mediacorp used virtual production to enhance storytelling in its upcoming Chinese drama series titled Once Upon A New Year’s Eve, which is slated to air early next year. Historical scenes such as 1970s Chinatown and the old National Library at Stamford Road were brought back to life using virtual production technologies.

Besides television and film, the technology can also be applied to other sectors such as marketing and digital campaigns, as well as educational initiatives. The Olympic Esports Week held in Singapore in June also used such technology for its opening and closing ceremonies.

The fresh funds will be used to grow the local talent pool by hiring overseas trainers and introducing such modules into the existing media curriculum in institutes of higher learning. Both Ngee Ann Polytechnic and Republic Polytechnic will run virtual production programmes from April next year.

Local studios such as Oceanus Media Group and AUX Media are also investing in infrastructure and training programme upgrades to meet the growing demand for this technology.

Oceanus Media Global CEO Nick Tan said training more people to use it will help make virtual production mainstream and elevate Singapore's media scene.

“(Virtual production) gave birth to a whole new world of creativity and better storytelling. Singapore is in a good position to anchor this virtual production into our workflow,” he said.

SHIFTS IN MEDIA LANDSCAPE

Mr Tan said that over the past 10 years, there have been significant shifts in the media landscape, with streaming services and social media platforms revolutionising the way viewers consume content.

“Our media ecosystem has continued to adapt and thrive in this new world. Looking (ahead), there are many exciting opportunities,” he told CNA's Singapore Tonight. “This investment is really our confidence in our talents and our media ecosystem.”

He noted that the Asia-Pacific media market is set to grow from S$1.65 trillion this year to S$2 trillion in 2028.

“We want to help our media ecosystem ride this growth. This is a space where technology meets media, which Singapore can be competitive in,” he said.

“Media is a very important sector for us to tell our own Singapore stories. It builds our cultural identity. It tells stories of our past and our aspirations for the future,” said Mr Tan.

“The media sector is also a good growth industry. It creates good careers, and is also (a sector where we can) expand our economic and market space beyond our little red dot.” CNA