The Commerce Ministry is promoting Thailand as a hub for the digital content industry as it generates income of roughly 250 billion baht, aiming for 15-20% growth from the previous year.
Following his participation in the 2024 Hong Kong International Film and TV Market (FILMART) Commerce Minister Phumtham Wechayachai said the event presented an opportunity to forge valuable connections and explore the latest content production trends, with potential business matching opportunities for industry professionals.
The ministry lead entrepreneurs from 27 companies to participate in the event which includes nine film and animation producers and distributors, 10 television programme and series producers, and eight companies providing services related to films and TV.
Mr Phumtham anticipated that the event would generate trading worth at least 800 million baht, elevating collaboration between Thai and Hong Kong entrepreneurs to the next level as Hong Kong views Thailand's digital content industry as having growth potential.
Film is one component of the digital content industry which the government promotes in terms of exports. It generates revenue of 18.5 billion baht and is poised for further growth in major markets.
The government also promotes foreign filmmakers to use Thailand as a location for shoots by facilitating foreign film production teams and providing multiple incentives such as an exemption of personal income tax for foreign actors for five years and a 20% cash rebate in line with the government's soft power development initiative.
Mr Phumtham added that Thailand's film and Y TV series have high growth potential due to greater visibility and accessibility via mobile phones and other electronic devices.
For 2024, the digital content industry is expected to grow by 15-20% from last year, with a total value of 250 billion baht which includes 18 billion from the film industry, 4 billion from the animation industry, 2 billion from the character sector, 35 billion from the gaming sector, and 191 billion from software.
A recovery in post-pandemic demand in the animation and character sectors is expected to stimulate the industry's value, alongside thriving demand in the gaming sector.
Discussions with Algernon Yau, Hong Kong's secretary for commerce and economic development, focused on promoting Thai soft power, motivating Hong Kong entrepreneurs to expand their businesses into Asean by using Thailand as a gateway for trade and investment.