CYBERJAYA: Kre8tif! 2022, a hybrid event for Southeast Asia's creative industry players, is back again at Cyberview Resorts and Spa.
According to Malaysia Digital Economy Corporation (MDEC)'s chief executive officer, Mahadhir Aziz, the animation industry will continue to grow with its current global market size is estimated to be worth US$298.2 million this year and is forecasted to reach US$519.6 million by 2028. Therefore, it is imperative for the creative and animation industry to continue its momentum due to the growth of streaming platforms worldwide, bringing more opportunities for all studios.
Mahadhir also said that the agency is aware of the phenomenon and that one of Malaysia Digital's focus areas is the creative industry.
"Cognisant of this trend, MDEC has identified this sector as one of the tech focus areas under the new national strategic initiative, Malaysia Digital, and will be rolling out a number of initiatives to catalyse its growth, with Kre8tif! being one of them," he said.
The conference was officiated by the Communications and Multimedia Ministry's secretary-general Datuk Seri Mohammad Mentek.
TALENT REPORT 2022
MDEC also shared that they will be announcing the findings of the Southeast Asia (SEA) Digital Creative Content Industry Talent Research Report 2022.
In order to support industry innovation and sustainability, the agency has conducted interviews with professionals from more than 150 higher education institutions and digital creative studios in the area.
Giving an overview of the report, MDEC's director of digital creative content, Mohan Low said the report shows that Southeast Asia's diverse, smaller-scale businesses offer a strategic opportunity for consolidation, mergers, acquisitions, and partnerships to grow jointly in the digital economy.
"While there are large studios in Southeast Asia, most are small in scale with less than 50 employees working in a production role in the animation and game industry. We observe that there is a valuable opportunity for small studios to be primed for mergers or acquisitions as investors and publishers consolidate economic value and market share capture," he said, adding that the Southeast Asia region remains a hotbed of studio innovation, great talent pool and a maturing approach towards growth and expansion," he said.
Recent examples of such successful mergers and acquisitions include Lemon Sky Studios from Malaysia and Tahoe Games from Indonesia.
FRESH FROM KRE8TIF!
In line with Malaysia's national agenda to produce 200 original pieces of intellectual property (IP) by 2025, Kre8tif! witnessed the release of several original IPs and today, the conference was also the chosen platform to make major announcements.
Didi & Friends The Movie by Warnakala and a movie series for Mechamato by Monsta are two animation films funded under the MDEC's Digital Content Grant which supports local creators in digital content IP development and facilitation. The two movies are set to release soon.
Sharing the news here, Monsta's CEO Mohd Nizam Abd Razak also previewed the final trailer for the Mechamato movie for the first time to the media in attendance. The movie will hit the theatre starting from Dec 8, 2022 in Malaysia, Brunei and Singapore.
Warnakala also shared news on the new Didi & Friends The Movie at the same event. Its CEO, Hairulfaizalizwan Ahmad Sofian said, the movie will be released next year.
TRAINING THE TALENT
At the opening event, Mahadhir added that the report, which will be made available beginning on Nov 18, 2022, found that there is more competition for qualified talent at all levels, which is made worse by the global pandemic's macroeconomic effects. The demand for talent is expected to increase, approximately, by eight per cent CAGR (Compound Annual Growth Rate) over the next three years, according to Southeast Asian studios.
In response to the lack of workers in the creative industry, Anima Vitae and Circle Studio, a Malaysian animation studio, announced on the conference grounds that they have created an animation apprenticeship programme to address the fundamental skill gap among Malaysian talent and create a workforce that is industry ready for the creative sector.
EXPANDING REACH
At the same time, Kre8tif! Also witnessed a collaboration between Show VFX Studio Sdn Bhd and FlyStudio, a Korean comprehensive media content group as part of an expansion plan in Malaysia.
It's a momentous event when Show VFX Studio Sdn Bhd signs a Memorandum of Understanding (MoU) with Fly Studio Sdn Bhd, the exchange of signatures between Wee Meng Hee and Yoon Choong Yul, CEOs of Fly Studio and Show VFX Studio respectively will hold in MDEC Kre8tif! 2022 event. With this big break, Fly Studio will kick start their entry into full-fledged VFX production, and will be forming a new VFX team in charge of helping in the team development of Show VFX Studio this year.
This move, according to Fly Studio's chief executive officer, Wee Meng Hee, will open up possibilities for more Malaysian companies especially when it comes to raising the quality of Malaysian visual effects and animation industry.
"It's an exciting prospect for our company as we are always looking for ways to raise the quality of Malaysia's VFX and Animation industry. Show VFX Studio, is a subsidiary of WYSIWYG, a global powerhouse in VFX production, this is a good platform, great opportunity and a strategic move to broaden our capacity in South East Asia," he said.
WYSIWYG from South Korea, meanwhile, needs no introduction. The company's recent projects include "Alchemy of Souls", one of Netflix's top South Korean shows, "Space Sweepers", "Monstrum" and many more.
Show VFX Studio's chief executive officer Yoon Choong Yul, also believes that through the collaboration, the two companies can improve the visual effect environment to give young talent opportunities and provide a strong ecosystem in the Southeast Asian market.
"Malaysia has the potential to become Asia's VFX power house and I believe that we can create a better VFX environment to provide opportunities to young talents and provide a strong ecosystem in the South-East Asian market through our cooperation," said Yoon.