22 May 2012 - Welcome Speech by Mr Ronnie Tay, Chief Executive Officer, Infocomm Development Authority of Singapore, at Digital Matters 2012 on Tuesday, at Ritz Carlton - Millenia Singapore
Welcome Speech by Mr Ronnie Tay, Chief Executive Officer, Infocomm Development Authority of Singapore, at Digital Matters 2012 on Tuesday, 22 May 2012, 1.50pm, at Ritz Carlton - Millenia Singapore
Mr Jasper Donat, Co-Founder, Branded Ltd,
Ladies and gentlemen,
1. I am pleased to be here this afternoon to welcome all of you to Singapore and to "Digital Matters 2012", which is being held here for a second year. I'm happy to learn that this event organised by Branded has grown in both content and participation, and many of you were here last year. It has brought together many senior international thought leaders, major companies and digital media experts from around the world. I believe this will be good opportunity to gain insights on the latest industry trends and opportunities, to generate new ideas and foster industry collaboration.
Vibrant Ecosystem for Innovative Services to Tap Fast Growing Market Opportunities in Asia
2. Infocomm technology (ICT) has indeed become a key driver in the media and entertainment sector for business decisions, business models and consumer reach. According to PwC's 2011 Global Entertainment and Media Outlook, the amount spent by global media and entertainment companies in 2010 on ICT components accounted for 25.9% of their expenditure, and this is expected to increase to more than 33% by 2015.
3. As companies allocate more resources to ICT spending, they are better prepared to innovate and capitalise on opportunities presented by sophisticated and savvy consumers. Companies are therefore shifting their focus to Asia, with untapped digital consumer markets, whose demand for digital content and services is driven by rapid adoption of connection devices and consuming content "anytime, anywhere". As a major infocomm hub, Singapore is a good place for international service providers to establish cutting edge digital media services and develop innovative content to benefit Asian consumers.
4. IDA's Digital Marketplace Programme aims to establish Singapore as a trusted hub for Asia with a vibrant eco-system of companies that offers innovative and competitive digital consumer services to the region. Under this programme, IDA assists the industry in anchoring digital services to hub in Singapore, developing media ICT enablers and developing market reach in Asia.
5. There have been a number of companies which have leveraged on the Digital Marketplace initiative as well as Singapore's advanced ICT infrastructure and business environment to develop new services for Asia. Some of them are:
- Sony Music Entertainment, which recently set up its regional hub in Singapore to develop a digital platform for advertisers and music labels to target consumers in Asia for monetisation.
- eBus, which moved its headquarters from New Zealand to Singapore and set up a Media Exchange Hub to enable a secure network to manage and deliver content for advertisers, advertising agencies and broadcasters.
- The UK-based media service provider Digitales, which set up its business in Singapore to develop a global digital platform that aggregates entertainment content, social media and consumer analytics to measure the popularity of celebrities and brands for the international market.
6. There are also a number of factors which enable Singapore to be competitive and future-ready in serving the digital consumer market in Asia. One of these is our ICT infrastructure. In addition to our excellent global connectivity, Singapore's ultra-high speed Next Generation Nationwide Broadband Network enables broadband that is key to the media sector. Businesses have more choice, leading to more competitive local connectivity charges. In a couple of months, 95 per cent of all homes and non-residential buildings in Singapore will have coverage by the Next Gen NBN. Mediapolis at One-North is a multi-agency flagship initiative aimed at developing a sustainable physically-co-located media ecosystem. IDA's ICT blueprint for Mediapolis calls for such elements as a high-speed media-centric campus-wide network and exciting media ICT enabling services such as global media networks and content management services.
7. Singapore also has a competitive infocomm workforce. Each year, more than 6,000 ICT professionals receive funding support for in-service skills upgrading, including in key and emerging technologies. One of these is data analytics, well-used by the Internet and social media companies, and rapidly gaining ground too among the media and entertainment companies, to discover new ways to interact with consumers and to monetise content. IDA is working with industry to set up user co-innovation centres to pilot emerging Data Analytics technologies and catalyse development of Data Analytics products and services.
8. In closing, IDA will continue to drive initiatives to encourage conducive business environment and to attract more companies to hub in Singapore to reach the regional digital consumers. We recognise these companies' contribution to Singapore not only in terms of strong economic spin-offs, but also their leadership in new and emerging ICT technologies. I wish to take this opportunity to invite companies to tap on IDA's various initiatives to harness the fast growing market opportunities in Asia.
9. I wish one and all a rewarding and most enjoyable time at the conference.