Thailand’s digital content industry value is forecast to reach 62.4 billion baht by 2024, driven by strong growth in the gaming industry and the revival of the animation sector.
The Digital Economy Promotion Agency (DEPA) conducted a study of the digital content industry in 2021 in collaboration with the Digital Content Association of Thailand, Thai Animation and Computer Graphic Association, Thai Game Software Industry Association, and other private agencies. The study assessed the digital content market by examining three categories: games, animation, and characters, with each category consisting of intellectual property owners, outsourcing businesses, and distributors.
According to a DEPA report, the value of Thailand’s digital content market climbed by 7% to 42 billion baht in 2021, owing to the expansion of the gaming sector. Last year, the gaming industry was valued at 37 billion baht, largely due to earnings from mobile game publishers. The animation industry rose by 11% in 2021, reaching 3.4 billion baht in value. The increase is attributed to animation publishers’ necessity for outsourcing services in order to produce more content to meet consumer demand during the pandemic.
The report stated that character licensing revenue, on the other hand, fell by half to 486 million baht in 2021, due to a drop in demand for gifts, accessories, and fashion products as a result of decreased consumer spending and trade regulations.
DEPA said it expects Thailand’s digital content industry to continuously expand in the coming years, with the total revenue reaching 53.7 billion baht in 2022 and then increasing to 62.4 billion baht in 2024. (NNT)