Singapore’s Media Development Authority (MDA) has announced that it will be streamlining its funding schemes from 46 to five, effective immediately.
The decision was taken after a consultation period with local film and media content industries that started at the beginning of this year.
A total of $68m (S$88m) has been set aside for the five new schemes, outlined below, which are open to seven sectors of Singapore’s media industry – broadcast, animation, film, music, interactive media, games and publishing. All existing projects under the 46 former schemes will be continued to completion.
The new funding will be in the form of grants, “which encourages media companies and individuals to own and more fully capitalise on the Intellectual Property of their product, service or solution”, the MDA said. Singapore’s previous funding was usually in the form of equity investment which the MDA expected to recoup.
The five new MDA Grant Schemes are:
Development Assistance – to support film script development, game design, sizzle reels, manuscripts etc. Up to S$150k for content and up to S$200k for applications.
Production Assistance – to support production of a diverse range of Singapore-made media content, while at the same time encouraging companies to produce across different platforms for greater IP exploitation. It also encourages productions that “highlight Singapore talents, spur Singapore spend and contain a sustainable pipeline of projects”. Up to 50% of Singapore spend (40% for current project, 10% for next project).
Marketing Assistance – to support travel, marketing and promotion expenses at media-related trade and market events, festivals and competitions. Up to S$5k for individuals and up to S$25k for companies per application.
Talent Assistance – to support media professionals to upgrade or up-skill and secure local and overseas work attachment opportunities. Up to S$15k, plus full scholarships and Singapore Workforce Development Agency (WDA)-funded courses.
Enterprise Assistance – to support high potential and innovative media enterprises. Up to S$1m per year for up to five years.
The Production Assistance scheme will replace the International Film Fund and the Stereoscopic 3D Fund, which are open to international producers collaborating with Singaporean companies. The new scheme will also be open to international producers working with Singapore partners.
The MDA added that the local filmmaking community had made further proposals under the separate “Arts & Culture Strategic Review” process, which is on-going, and the five new grant schemes do not yet include these proposals.