Malaysia's Digital Creative Industry Thriving With Over 300 Studios, RM6.3 Bln In Revenue

KUALA LUMPUR, Oct 3 (Bernama) -- Malaysia is currently home to over 300 digital content studios, with more than 180 original intellectual properties (IPs) in animation and gaming, said Digital Minister Gobind Singh Deo.

He said in 2022, the digital creative industry generated RM6.3 billion in revenue, with exports totalling RM850 million, supporting over 11,000 jobs.

The industry also attracted RM1.6 billion in investments from top-tier studios such as Xsolla and ESL Gaming in 2023. 

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“This underscores the sector's immense potential to generate high-value jobs and make a significant contribution to our economy,” he said in his keynote address before launching the Malaysia Digital Content Festival (MYDCF) Biz Day 2024 here today. 

The minister said the country has also made a significant breakthrough in the animation sector, with Kucingko Bhd becoming the first local animation production company to be listed on the Malaysian stock exchange.

He said the demand for digital creative products and services is growing, both locally and internationally, noting that the global creative technology market size is projected to reach US$687.4 billion by 2027, with a compound annual growth rate of 9.97 per cent between 2020 and 2027.

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At the same time, sub-sectors within the creative technology industry are also thriving, with the global animation market size expected to increase to over US$587 billion in 2030.

“The global game market is also booming significantly, riding on the tailwinds of the global digitalisation phenomenon,” he said. 

Citing the Newzoo Global Games Market Report, he said global games revenue was valued at US$187.7 billion in 2024 and is expected to grow to US$213.3 billion in 2027.

In his speech, Gobind also acknowledged the importance of immersive technologies like Metaverse, noting that the Malaysia Digital Economy Corporation (MDEC) launched the IP360 Metaverse initiative at last year’s edition of the festival.

“I was earlier briefed that the IP360 Metaverse Platform will be open to the public by the end of the year. I urge industry players to explore the potential of IP360 Metaverse Platform,” he said.

According to Gobind, reports by Meta and Deloitte estimate that the Metaverse will contribute approximately US$3.01 trillion to the global gross domestic product in 2031, adding that the impact of the metaverse on the Asia Pacific region could be between US$800 billion and US$1.4 trillion per year by 2035.

Commenting on Malaysia’s ASEAN chairmanship next year, he said Malaysia will be working closely with neighbouring countries and exploring the next phase of digital growth.

“Through collaborations, policy leadership, and infrastructure development, Malaysia can strengthen the digital content ecosystem, foster innovation, and position itself as the regional leader in digital content creation and distribution.

“This will not only boost the local economy but also create a dynamic and interconnected digital content network across Southeast Asia,” he added. 

-- BERNAMA