The investment and growth of media content production is always a sign of a growing economy. Economies that realize art as a substantial area for investment are realizing mature gains and progression.
Since economies within Asia are progressing towards more stable times, the investments in film and media production within the region are at a growth rate. The net spend for film and media spending in Asia has grown by a massive 12 percent during the year 2018. This growth is a leap over the 8 percent that was recorded in the previous year.
Research and Consultancy firm Media Partners Asia has published a recent report over this matter, following the rise in film and media productions within the region. The most aggressive increase in film and media production was seen in South Korea and Indian in particular. The investment in both these countries reached over $10 billion cumulatively. This rise in investment predominantly points towards 2 things. Firstly, there is immense competition between the filmmakers, as they battle it out for media content. And, secondly the economies for both these countries are doing good and recording gains in media.
Spending in India went over $3.6 billion in the last year. This is an increase of some 24 percent over the year before that.
“This surge reflects a major outlay on premium sports rights in 2018, including a big price increase for IPL cricket, supported by continued growth and competition in TV, especially among regional languages outside the Hindi heartlands,” the report noted.
Both Amazon and Netflix have brought significant investment in Asia and are focusing on India as a priority market. Even India’s local streaming app Hotstar, which is now owned by Disney, has shown enthusiasm for investment.
The South Korean media industry, which is monitored by experts from across the globe, saw a significant increase in investment. The market in South Korea saw a 7.2 percent increase during 2018 and has a cap of $3.2 billion currently. The market was lifted by “increased investment on movies and pay-TV content in particular, characterized by rising film production costs and ever-improving production values.”
The media industry in Vietnam, Indonesia and Malaysia has, however, taken a fall as market capitalization decreased in these countries. The decrease is blamed upon the digital movement, as most users are in a conundrum over watching content online or on TV.
Chinese Tech Startups Still Far Behind in the Tech Race with the US