Kuala Lampur:Communications Minister Datuk Seri Fahmi Fadzil has announced the government's commitment to bolstering the local media ecosystem via the Media Innovation Fund. This initiative comes in response to evolving advertising trends and shifting audience demographics.
According to BERNAMA News Agency, the RM30 million fund, introduced the previous year, is still accessible and aims to assist both mainstream and online media organizations in modernizing their infrastructure and services. Fahmi emphasized that media companies must be registered with the Information Department (JAPEN) to apply for this fund.
Eligible media companies, both mainstream and online, must hold a Media Accreditation Card (e-Media Kad) issued by JAPEN to qualify for the fund. Government agencies like the Malaysian National News Agency (Bernama) and the Malaysian Communications and Multimedia Commission (MCMC) have been tasked with supporting these media organizations.
Fahmi highlighted the significant impact of new media, noting the shift from traditional formats like television and print to mobile devices. This transition has drastically altered the media landscape, with traditional advertising expenditures dropping from approximately RM4 billion to RM4.5 billion annually to around RM2 billion. The advertising revenue is increasingly diverted to international social media platforms such as TikTok, Facebook, and YouTube, affecting the sustainability of local television, radio, and newspaper operations.
Despite these challenges, traditional media continues to play a vital role as independent communication channels, not completely reliant on foreign platforms. Fahmi questioned the wisdom of solely relying on platforms like Facebook and TikTok, citing potential risks if these platforms alter their policies or cease operations.
The Media Innovation Fund is designed to help local media companies navigate these changes by developing content strategies that engage younger audiences, including Generation Z and Generation Alpha. The fund supports modernisation and digital transformation, offering grants of up to RM300,000 per project for various purposes, including skills training, software licenses, equipment purchases, and research into innovative technology-driven content, such as artificial intelligence (AI).