Malaysia’s Gaming Sector Expected To Skyrocket, Reaching RM3 Billion Revenue By 2024

Digital Minister Gobind Singh Deo said that the government is committed to growing and nurturing the country’s digital content industry.
(credit: orva studio on Unsplash)

Subscribe to our Telegram channel for the latest stories and updates.

Digital Minister Gobind Singh Deo announced that Malaysia’s video gaming industry is expected to achieve a revenue of USD649 million (~RM3.1 billion) in 2024, following notable growth trends.

He highlighted a projected compound annual growth rate of 7.55% from 2024 to 2027, estimating a market volume of USD807 million (~RM3.85 billion) by 2027, according to Bernama.

Gobind affirmed the government’s commitment to supporting the gaming sector, offering financial incentives and regulatory frameworks to safeguard intellectual property rights.

Through the Malaysia Digital Economy Corporation (MDEC), the ministry aims to nurture the digital content industry by facilitating investments, providing market access support, and implementing skill development programs.

MDEC’s initiatives include participation in key events like the Annecy Festival, Games Developer Conference, and the Tokyo Game Show, along with supporting IP growth, incubating new studios, and offering skills development programs such as the Digital Content Incubation Programme, Digital Content Grant, and Digital Content Creators Challenge.

Furthermore, Gobind highlighted MDEC’s efforts to bolster the Malaysian brand in the digital content sector through events such as LEVEL UP KL, Kre8tif!, and IMMERSE KL, as well as consumer events like the Malaysia Digital Content Festival (MYDCF).

He pointed out the substantial growth in investment within Malaysia’s digital content sector, from RM550 million in 2022 to RM1.6 billion in 2023, projecting the creation of over 1,900 high-income jobs through companies designated as “Malaysia Digital.”

Gobind cited the Malaysia Digital Content Festival’s expansion as evidence of the country’s digital industry growth, noting an increase in exhibitors from 80 in 2020 to 150 in 2023, with over 25,000 visitors attending the event last year.

Share your thoughts with us via TechTRP's Facebook, Twitter and Telegram channel for the latest stories and updates.

Previous Post

Cloudflare: Malaysia Witnesses 6% Spike In Internet Traffic In Q1 2024

Next Post

Malaysia’s Government Eyes Investor-Friendly Policies For AI Infrastructure Development

Related Posts