In a strategic move to position Thailand as a prominent hub for the burgeoning digital content industry, the Commerce Ministry is actively promoting its potential to generate substantial income, estimated at approximately 250 billion baht. This initiative is geared towards achieving a robust 15-20% growth from the preceding year.
Recently returning from the 2024 Hong Kong International Film and TV Market (FILMART), Commerce Minister Phumtham Wechayachai expressed optimism about the prospects that unfolded during the event. Emphasizing the significance of forging valuable connections, Minister Phumtham underscored the opportunity to explore the latest trends in content production. The event, which witnessed the participation of 27 companies led by the Ministry, boasted representation from various facets of the industry, including film and animation producers, television program producers, and service providers related to films and TV.
The Commerce Minister anticipates a substantial boost in trade, with expectations set at a minimum of 800 million baht as a result of the event. This move is poised to elevate collaboration between Thai and Hong Kong entrepreneurs, as Hong Kong recognizes the growth potential inherent in Thailand’s digital content industry.
The film industry, constituting a pivotal component of the digital content sector, has been a focal point for the government’s export promotion efforts. With revenues amounting to 18.5 billion baht, the film industry is anticipated to witness further growth in major markets. Thailand, as part of its comprehensive strategy, encourages foreign filmmakers to utilize its picturesque landscapes by facilitating film production teams and offering attractive incentives, including a five-year personal income tax exemption for foreign actors and a 20% cash rebate, aligning with the government’s soft power development initiative.
Minister Phumtham highlights the high growth potential of Thailand’s film and TV series industry, attributing it to increased visibility and accessibility through mobile phones and electronic devices.
Looking ahead to 2024, the digital content industry is projected to experience a substantial growth ranging between 15-20%, culminating in a total value of 250 billion baht. This value encompasses various sectors, including 18 billion from films, 4 billion from animation, 2 billion from characters, 35 billion from gaming, and a significant 191 billion from software. The expected recovery in post-pandemic demand, particularly in the animation and character sectors, is poised to further stimulate the industry’s overall value, alongside the persistent thriving demand in the gaming sector.
Engaging in discussions with Algernon Yau, Hong Kong’s secretary for commerce and economic development, the focus was on promoting Thai soft power. The talks aimed at motivating Hong Kong entrepreneurs to expand their businesses into the ASEAN region, leveraging Thailand as a gateway for trade and investment. The collaborative efforts underscore the diplomatic and economic ties between the two regions, emphasizing the potential for mutual growth and advancement in the digital content domain.
