Singapore Media Industry
Singapore’s media market is a rapidly evolving sector characterized by digital transformation, diverse content consumption patterns, and strong regulatory support. The media sector encompasses both traditional media, such as print, TV broadcast and production, theatrical productions, film, and radio, and digital media, such as interactive digital platforms, live streaming, social media platforms. The market is projected to reach a revenue of USD 3.3 billion in 2024, with TV and radio as the largest segments.
Singapore’s media is dominated by Mediacorp and SPH Media Trust (SPH Media). Mediacorp, a state-owned public media conglomerate, operates six television channels, eleven radio stations, and multiple digital media platforms, including CAN and meWATCH, a digital video platform. SPH Media, a mass media company, covers national prints and digital news. High internet penetration and smartphone usage have driven consumers to prefer online news, digital ads, live streaming, short-form video content, and social media for information and entertainment needs. In 2023, consumers in Singapore spent about USD 1.1 billion on digital media subscriptions and downloads. Digital advertising spending in 2023 grew by 10.5%, reaching USD 1.7 billion. Over-the-top (OTT) streaming services like Netflix, Disney+, Apple TV+, Viu, Amazon Prime Video, and local platforms like SingtelTV, Starhub TV, and meWATCH are also gaining popularity due to their high-quality content and convenience. Streaming platform Max will be launching in Singapore in November 2024.
Government support is a significant aspect of Singapore’s media landscape. The nation’s regulatory body, Infocomm Media Development Authority (IMDA), ensures city-state media content aligns with societal values and legal framework, including guidelines on decency, racial and religious harmony, and preventing fake news. IMDA also provides initiatives and grants to support local content production and talent development, helping SMEs and professionals thrive in the digital economy.
Media companies are leveraging technological advancements such as artificial intelligence (AI), big data, virtual reality, and augmented reality to provide more immersive content experiences. However, issues like data privacy, ethical AI use, and sustainability in content production and distribution need to be addressed. With the best intellectual property protection in Asia, Singapore is an ideal place for creating and deploying new content and managing IP. Its proximity to regional markets with a larger appetite for digital media entertainment further enhances its appeal to global media companies. While not a media giant globally, Singapore’s media industry exemplifies how a small nation can cultivate a strong media presence in the digital age. U.S. companies that innovate and adapt to the rapidly changing landscape while maintaining compliance and ethical standards will thrive in this dynamic market.
U.S. suppliers in this sector who are interested in exploring the Singapore market may contact Ms. Mishell Arwan from the U.S. Commercial Service in Singapore.