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.
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.