Singapore Business Times
MDA developing virtual world, e-book potential
Section:Singapore News
By:WINSTON CHAIPublication:The Business Times 28/10/2009
Page: 10
No. of words:275
THE Media Development Authority of Singapore (MDA) is looking to grow the local digital media market further by tapping on the nascent potential of electronic books and virtual worlds.
The media regulator has introduced two new programmes – FutureBooks and FutureWorlds – to spur the development of new applications and services that can be delivered through online publishing or virtual world environments.
The MDA has identified these platforms as new "high-growth areas" in the digital media space and it is seeking proposals from companies to help seize the opportunity.
According to a Deloitte study last year, the global interactive publishing market is expected to grow 14 per cent annually from 2007 to 2015, while the virtual and immersive media segment will soar from around $18 billion last year to $44 billion in 2012.
Short-listed projects under the new MDA schemes will receive support in research and development, content aggregation and commercialisation, the MDA said in a statement.
The two initiatives will draw their financing from a combined $730 million war chest created under MDA's Singapore Media Fusion plan and the National Research Foundation's IDM R&D (interactive digital media research and development) fund.
Besides financing, the MDA said that it will also help match-make selected projects with relevant business partners.
Singapore Press Holdings, Creative Technology and Popular e-Learning Holdings are among the companies that are in the partner network for the FutureBooks programme.
Another group of organisations including ST Electronics, Singapore Tourism Board and Street Directory are backing the media regulator's FutureWorlds movement.
The MDA previously received 73 proposals for similar programmes that were targeted at the television, computer games and mobile sectors.
