Recently, the Digital Economy Promotion Agency (depa) released an insightful report, shedding light on Thailand’s digital content economy. Comprising sectors like gaming, animation, and character development, this output offers a three-year trend projection. With valuable inputs from the Digital Content Association of Thailand (DCAT), the Thai Animation and Computer Graphics Association (TACGA), Thai Game Software Industry Association (TGA), Bangkok ACM SIGGRAPH, and Atwise Consulting Co., Ltd., the report presents a thought-provoking industry panorama.
In a recent roundtable discussion, representatives from diverse business associations within the digital content territory implored the government to speed up skills development among Thai digital content creators. They pointed out that broadening such an initiative could boost Thailand’s soft power, opening the floodgates of economic growth.
These business gurus similarly discussed Thailand’s ambitious plans to emerge as a commanding force in the digital content industry, emphasizing the pivotal roles played by current lifestyles and digital technologies in fuelling this growth. The consensus was that while Thailand boasts a bounty of skilled professionals in digital content development, there’s still a appetite to uplift these skills to meet and even surpass international standards.
Kasititorn Pooparadai, depa’s Senior Executive Vice President of Strategy and Security, assured that the agency, backed by its partners, stands ready to champion the forging of strategic paths and policies that align with the government’s vision for the digital industry, as outlined in the National Economic and Social Development Plan.
Based on the current report from depa, the overall digital content industry experienced a 4% growth in 2022, albeit marred by a slight decline in the gaming sector. The report further states that the gaming industry is crucial to digital content, making up a whopping 85% of its total value, which stands at a spectacular 40,518 million baht.
The report highlights the vast potential inherent in the gaming industry, extending beyond creativity and innovation to include GameFi (Game Finance) and Game NFT (Non-Fungible Token) investment opportunities. Despite these prospects, the report also uncovers a sizeable skill deficit fostered by rapid technological advancement and constraints in capital investment and funding access, serving as barriers for aspiring entrepreneurs in this area.
Simultaneously, the Thai animation industry registered a 15% surge last year, valued at a solid 3.94 billion baht. Renowned for its talented and technically sound workforce, the Thai animation industry recorded a steady growth of 21% from 2020 to 2022, and its total worth stood at 2.61 billion baht in 2022.
With anticipation high for further expansion, the digital content industry is projected to reach a total worth of 44.98 billion baht by 2025. This forward-looking data is invaluable for strategic business planning and for adapting to Thailand’s evolving internal and external landscape, as stated by Depa’s VP Kasititorn.
She also committed to joining forces with the private sector to develop projects and measures aimed at nurturing future industry professionals and fortifying entrepreneurs’ skills while expanding their global market reach. Ultimately, this concerted effort seeks to identify economic opportunities presented by emerging technologies and incorporate the soft power concept within the Thai digital content industry’s narrative.