Singapore earmarks $156 mn to develop media content sector

MUMBAI: The Singapore government has earmarked $156 million over five years to develop the country‘s media content sector. This is in addition to $340 million already committed to interactive digital media research and development.

This initiative is part of the government‘s ongoing plan to attract the world‘s creative community to partner with Singapore media companies.

Accordingly, the Media Development Authority of Singapore (MDA) announced three of its new initiatives at the Cannes Film Market.

The government‘s plan aims to provide the best environment for media business, while leveraging R&D to position Singapore at the leading edge of digital media. Emphasising the creation of new intellectual properties, as well as the formation of new digital media industries. The three initiatives outlined by the MDA include:

The International Film Fund: (TIFF) Provided to Singapore-based production and post-production companies with the opportunity to executive produce and/or co-produce films of global appeal with international partners, MDA launched The International Film Fund (TIFF), the latest funding initiative which will encourage projects to be shot in and out of Singapore.

The fund will allow a contribution of up to $3.4 million per project, covering 17 to 20 projects ranging from animation, live-action features and post-production projects. MDA will take a share of the rights and revenues of the films as appropriate for its investment.

The TIFF is in addition to $882 million of private equity investment in Singapore that is currently available to filmmakers.

Stereoscopic 3D Development Fund: As a result of its inaugural 3DX Festival, a global gathering of the stereoscopic 3D filmed entertainment and technology sectors which took place last November, Singapore has earmarked $6.7 million for its stereoscopic 3D Development Fund.

Under this fund, Singapore has committed to co-produce a slate of three 3D films, all of which will be in production by the end of March 2010, and which are being offered for pre-sale at Cannes. The first title of the slate is Amphibious, a science fiction adventure project to be directed by Brian Yuzna.

Mediapolis @ one-north: Currently under-development, Mediapolis @ one-north is a state-of-the-art studio complex which offers sound stages, digital production, post-production, broadcast and distribution facilities. A colaboration between the Singapore Government and private sector investors, Mediapolis @ one-north will span 47 acres (19 hectares) and will serve as a catalyst for film, television, animation, video game and emerging new media production.

In addition to the studio complex, the master plan for Mediapolis @ one-north includes research and development labs and work lofts as well as retail and recreation amenities and accommodations.

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