Singapore’s media industry is charting strong growth as one of the fastest growing sectors in Asia. Singapore offers the greatest intellectual property (IP) protection in Asia and a huge, multilingual talent pool in both traditional and new media, making it an attractive location for generating and delivering new content and managing IP.
The present COVID-19 epidemic has added to the media and entertainment industry’s complexity. Industry patterns are altering as demand for book publication, digital media, video games, and streaming services grows. Knowing what your audience wants before they ask for it allows you to change the way you develop content and create customized experiences. Infuse the latest technology, such as AI, cloud, and advanced analytics, into your media and entertainment firm to gain market share and match today’s customer needs.
Media industry and COVID-19
While the media business may be one of the hardest hit by the COVID-19 crisis, it is also the source of vital up-to-date information — as well as a means of overcoming the isolation generated by social distancing.
The cancellation of live events at stadiums, arenas, theatres, resorts, theme parks, and other venues around the country is driven by social distancing norms, resulting in lost revenue from ticket sales, merchandising, advertising, and promotions. Office closures are a result of social distancing policies, forcing more people to work remotely. This could raise the risk of a cyber-attack. In the aftermath of the crisis, compensation and benefits may not be appropriate.
Companies will most likely consider considerable budget cuts to minimize discretionary spending in the event of a sudden or sustained economic slump.
Some organizations are finding new methods to communicate with customers, while advertising are being forced to rethink their campaign expenditure and approach in this era of social distancing.
Efforts to Aid Singapore’s Media Industry
During the present COVID-19 scenario, the IMDA is stepping up its efforts to support Singapore’s media sector. Working with media partners to generate great and relatable content, generating chances for local enterprises and freelancers to develop a pipeline of projects, and boosting the media ecosystem will all be part of these efforts. IMDA also encourages media professionals to take advantage of the slowdown to hone their art by accelerating their training plans in preparation for the upturn.
What Bluebox can do?
We see media firms as innovators and change enablers. We listen to a variety of perspectives in order to assist businesses in resolving problems and identifying and maximizing possibilities. Our staff is made up of seasoned professionals that have a thorough awareness of industry-specific legislation and difficulties that are unique to both local and global settings.