Malaysia's video gaming industry projected to hit US$649mil revenue in 2024


Digital Minister Gobind Singh Deo

KUALA LUMPUR: Malaysia’s video gaming industry is projected to hit US$649 million (US$ 1=RM4.78) in revenue in 2024 after registering significant growth in recent times, said Digital Minister Gobind Singh Deo.

He said the market is anticipated to show a steady compound annual growth rate of 7.55 per cent from 2024-2027, with a projected market volume of US$807 million by 2027.

"Collaboration is key. The gaming industry is inherently global, and the achievement in this field requires a concerted effort from all stakeholders, locally and abroad.

"By joining forces, we can share knowledge, resources, create opportunities, and foster a culture of innovation that transcends borders, uniting us in our pursuit of excellence,” he said at the launch of the Xsolla Curine Academy here today.

Raja Muda Selangor Tengku Amir Shah Ibni Sultan Sharafuddin Idris Shah Alhaj graced the event with his presence.

According to Gobind, the government remains committed to providing unwavering support to the gaming industry, offering financial incentives, and regulatory frameworks that protect intellectual property (IP) rights.

He said the ministry, via the Malaysia Digital Economy Corporation (MDEC), is committed to growing and nurturing the country’s digital content industry through a few approaches.

He added that MDEC will be facilitating investments and market access support through participation in the Annecy Festival, Games Developer Conference, and the Tokyo Game Show.

It also supports IP growth, incubates new studios and targeted skills development programmes such as the Digital Content Incubation Programme, delivery of the Digital Content Grant and the Digital Content Creators Challenge.

Gobind said the agency will also help in building the Malaysian brand through industry support and leadership via regional research and thought leadership papers, regional conferences, as well as business events such as LEVEL UP KL, Kre8tif!, IMMERSE KL, and broad-based consumer events such as the Malaysia Digital Content Festival (MYDCF).

"Investment in the digital content sector in Malaysia has grown from RM550 million in 2022 to RM1.6 billion in 2023, and is projected to produce over 1,900 high-income jobs through ‘Malaysia Digital’ status companies.

"This shows that the digital creative industry is a significant driver of growth, and there’s plenty of interest in the industry,” he noted.

The annual Malaysia Digital Content Festival is a prime example of the country’s digital industry growth with exhibitors rising from 80 in the first festival in 2020 to 150 in 2023. It attracted over 25,000 visitors last year, he added. - Bernama

Follow us on our official WhatsApp channel for breaking news alerts and key updates!
   

Next In Business News

Oil gains 1% on hopes of firmer demand
JPMorgan investors weigh CEO Dimon’s strategy, succession plan
Muhibbah rides on Cambodian tourism uptick
Feytech gears up for expansion to meet growing demand
Ready to rise up the ranks again
SC working overtime to combat spread of scams
Russia and Malaysia sign tax agreement
MGB ACHIEVES 23% PROFIT SURGE IN 1Q24
GDP up 4.2% in 1Q24
Chinese firms invest in ‘green’ jet fuel

Others Also Read