Digital Initiatives Igniting Growth In Malaysian Creative Industries – OpEd
Effectively advancing Malaysia’s creative industries contributes to social development, innovation, and cultural preservation in addition to economic prosperity. Budget 2024 allocates RM160 million to the creative industry, indicating the Malaysian government’s commitment to fostering and advancing this crucial sector. It is anticipated that this investment will establish Malaysia as a regional centre for innovation and creativity, encourage the expansion of creative businesses, and create jobs.
Furthermore, a strong creative sector helps the economy become more diversified, less dependent on traditional industries, and more resilient to shocks from the outside world. Malaysia can generate new revenue streams, draw in foreign investment, and present its rich cultural legacy to the globe by utilising the creative economy. Thus, encouraging and supporting the creative industries is crucial to advancing inclusive and sustainable economic growth in Malaysia.
The post-pandemic environment has shown how crucial data and strategic planning are to driving Malaysia’s creative sector to unprecedented heights. Amidst the global aftermath of COVID-19, the creative industry is confronted with never-before-seen opportunities and problems. More than 90% of artists and cultural workers have experienced negative effects from the COVID-19 epidemic, and 77% have lost most or all of their income. These effects have had a substantial influence on the creative business. A wide range of businesses and media platforms are included in the creative industries. From technologists and management experts to designers and artists, they unite everyone.
Astute governments understand that various creative industries have distinct requirements. In certain situations, highly centralised programmes might be suitable; in other situations, local initiatives carried out in cooperation with stakeholders—from industry, government, and nongovernmental organizations—produce the best results. In light of this, it is critical to use data-driven insights to comprehend how consumer behaviour is changing due to the pandemic’s substantial influence. Due to the growing tendency of people using digital platforms for communication, shopping, and entertainment, data analytics gives creatives in Malaysia useful information about new trends and customer preferences. Stakeholders may ensure relevance and resonance in a constantly changing market by utilising this data to customise their services to meet shifting wants.
Furthermore, data analytics facilitate the creative industry’s resource allocation to be optimised. In times of uncertainty, when resources are frequently limited, making well-informed decisions imperative. Malaysian creatives are able to determine the most potential investment opportunities in content production, audience targeting, or marketing tactics by using data-driven insights
Moreover, data-driven decision-making informs larger governmental initiatives meant to encourage and regulate the creative industry, going beyond the scope of individual businesses. Data analytics can be used by government organisations and legislators to create policies that support the industry’s expansion, innovation, and talent development. Through the use of data to better understand the requirements and issues facing the industry, policymakers are better able to develop incentives, allocate financing, and establish regulatory frameworks that foster the growth of creative companies. This integration of governmental decisions with data-driven insights guarantees the support the creative industry needs to thrive in the post-pandemic environment.
