Thailand is positioning itself as a leading center for the digital content industry, with the Commerce Ministry reporting an annual income of approximately 250 billion baht from the sector and projecting a growth of 15-20% over the previous year.
Commerce Minister Phumtham Wechayachai, after attending the 2024 Hong Kong International Film and TV Market (FILMART), shared that the event was a platform for establishing connections and exploring new trends in content production, which could lead to potential business opportunities for industry professionals.
The ministry facilitated the participation of 27 Thai companies in FILMART, including nine film and animation producers and distributors, 10 television program and series producers, and eight companies offering related services. This participation is expected to generate at least 800 million baht in trade, reflecting the strengthening relationship between Thai and Hong Kong entrepreneurs, especially since Hong Kong recognizes the growth potential of Thailand’s digital content industry.
The Thai government has been actively promoting the film sector as a key export, generating 18.5 billion baht in revenue. Efforts to attract foreign filmmakers include offering incentives such as a personal income tax exemption for foreign actors for up to five years and a 20% cash rebate. These measures are part of the government’s strategy to enhance Thailand’s soft power.
The growth of the digital content industry is also attributed to the increasing use of mobile phones and other electronic devices, which improve the visibility and accessibility of Thai films and TV series. The total industry value for 2024 is forecasted to include contributions from various sectors, including 18 billion baht from films, 4 billion from animation, 2 billion from characters, 35 billion from gaming, and 191 billion from software. (NNT)
