The value of Thailand’s digital content industry is projected to reach 62.4 billion baht by 2024
The value of Thailand’s digital content industry is expected to reach 62.4 billion baht by 2024, driven by strong growth in the games industry and the revival of the animation sector.
The Digital Economy Promotion Agency (DEPA) conducted a study on the digital content industry in 2021 in cooperation with the Digital Content Association of Thailand, the Thai Animation and Computer Graphic Association, the Thai Game Software Industry Association and other private agencies. The study evaluated the digital content market by examining three categories: games, animation and characters, with each category consisting of intellectual property owners, outsourcing companies and distributors.
According to a DEPA report, the value of Thailand’s digital content market rose 7% to 42 billion baht in 2021 due to the expansion of the gaming sector. Last year, the gaming industry was valued at 37 billion baht, mostly driven by revenue from mobile game publishers. The animation industry grew 11% in 2021 to hit 3.4 billion baht. The surge is attributed to animation publishers’ need to outsource services to produce more content to meet consumer demand during the pandemic.
Meanwhile, according to the report, character licensing revenue fell by half to 486 million baht in 2021, due to a drop in demand for gifts, accessories and fashion products as a result of reduced consumer spending and trade regulations.
DEPA expects Thailand’s digital content industry to expand steadily in the coming years, with total revenues reaching 53.7 billion baht in 2022 and then rising to 62.4 billion baht by 2024. (NNT)