KUALA LUMPUR: The digital content industry presents significant potential for boosting Malaysia's economic growth and creativity, according to Digital Minister Gobind Singh Deo.

He noted that this potential is supported by government initiatives through the Malaysia Digital Economy Corporation (MDEC), which indirectly fosters global collaboration.

"The digital content industry in Malaysia employs approximately 10,000 professionals, with over 300 studios contributing to this ecosystem.

"Malaysia has successfully attracted investment from several large-scale studios such as Electronic Arts/Codemasters, Streamline Studios, Bandai Namco, Playstation Studios, Larian Studios, and Virtuous," he said in his speech at the launch of the Malaysian Digital Content Festival (MYDCF) & MyDigitalMaker International Carnival today.

The minister added that Malaysia aims to create a more sustainable digital future, in line with the nation's vision and mission to become the leading destination for digital transformation in the region.

He said this aspiration aligns with the rapidly accelerating global digitalisation trend, where digital technology is not only transforming the economic landscape but also the way we interact, work, and conduct business.

"Innovation and comprehensive talent development are key to achieving this vision and mission. "Initiatives such as MYDCF and MyDigitalMaker are among the proactive steps taken to ensure that innovation, creativity, and talent continue to flourish among Malaysians."

"By focusing on innovation and talent development, we can prepare the younger generation to drive Malaysia's digital economy, which is expected to contribute 25.5 per cent to Malaysia's gross domestic product (GDP) by 2025," he said.

Gobind also said that the global creative content market is expected to reach US$687.4 billion (RM 3.1 trillion) by 2027, with a compound annual growth rate (CAGR) of 9.97 per cent from 2020 to 2027.

This sector encompasses various fields including film, television, video games, social media, and streaming platforms.

Meanwhile, he said Malaysia's video game or e-sports industry is projected to generate revenue of approximately US$649 million (RM3 billion).

He added that with the growing number of players, Malaysia is emerging as a significant player in the global gaming market, with over two-thirds of the 34.1 million population in Malaysia, around 22.5 million, being active gamers.

"Nearly half of them (about 9.7 million) are paying users.

"The industry is expected to maintain a compound annual growth rate of 7.55 per cent through 2027. "This growth is driven by widespread smartphone usage, stable internet connectivity, and the increasing popularity of e-sports," he noted.

https://www.nst.com.my/business/economy/2024/09/1105487/digital-content-industry-can-boost-malaysias-economic-growth