Time Malaysia Crafts its Own Version of a Creative Industry Strategy
Recent news from the United Kingdom has caught the attention of advertising professionals worldwide: the UK’s Labour Government has unveiled a new industrial strategy that places significant emphasis on the creative sector.
As we in Malaysia observe this development, it’s worth considering how our own Madani Government might respond and what lessons we can draw for our vibrant advertising industry.
The UK Approach: A Blueprint for Malaysia?
The UK’s strategy acknowledges advertising and marketing as key components of both creative industries and professional business services.
This dual recognition raises an intriguing question: Could Malaysia’s Madani Government take a similar leaf from this book?
Prime Minister Anwar Ibrahim’s Madani concept, which emphasises sustainability, prosperity, and innovation, seems well-aligned with the principles underlying the UK’s approach.
The Madani Government’s focus on digital transformation and economic resilience could provide a fertile ground for a similar emphasis on the creative sector, including advertising.
Potential Policy Directions for Malaysia
Creative Economy Focus: The Madani Government has already shown interest in boosting Malaysia’s digital and creative economy. Could we see a more specific focus on advertising and marketing as one of the key drivers of innovation and economic growth?
Industry-Government Collaboration: The UK’s formation of an Industrial Strategy Advisory Council offers an interesting model. Malaysia’s Madani Government, with its emphasis on transparency and inclusivity, might consider a similar platform bringing together advertising professionals, tech leaders, and policymakers.
Technology Integration: The Madani Government’s push for digital transformation aligns well with the need to integrate AI and other emerging technologies in advertising. Could we see policies encouraging tech adoption in the creative sectors?
Export Promotion: With the UK positioning its advertising services as a major export, could Malaysia’s Madani Government introduce initiatives to boost the global competitiveness of our advertising industry, particularly within the ASEAN region?
Talent Development: The Madani concept emphasises human capital development. This could translate into targeted programmes to nurture world-class advertising talent in Malaysia, potentially in collaboration with industry leaders.
Economic Impact and Investment
The UK’s Advertising Association projects a £39 billion (approximately RM233 billion) investment by advertisers in 2024. While our market size differs, this underscores the potential economic impact of advertising.
The Madani Government, with its focus on attracting quality investments, might see the advertising industry as a key sector for driving innovation and economic growth.
Global Ambitions and Cultural Soft Power
UK advertising exports reached £18 billion in 2023, showcasing the industry’s global influence.
Malaysia, with its rich cultural diversity and strategic location in Southeast Asia, has the potential to increase its own advertising footprint regionally and globally.
The Madani Government’s emphasis on Malaysia’s role on the world stage could dovetail neatly with efforts to promote our advertising industry internationally.
Implications for Malaysian Advertisers
As the Madani Government continues to shape its economic policies, the advertising industry should be proactive in demonstrating its value.
Here are some considerations:
Advocacy: How can we effectively communicate the advertising industry’s potential contributions to Malaysia’s economic goals?
Innovation: How can we align our practices with the Madani concept of sustainable and innovative growth?
Collaboration: What partnerships can we forge, both within the industry and with the government, to drive progress?
Skills Development: How can we contribute to the Madani Government’s human capital development goals?
A Call to Action
Can Malaysia craft its own version of a creative industry strategy?
How can we ensure that advertising plays a central role in our nation’s economic future?
The stage is set for Malaysian advertising to shine brighter on the world stage.
The Madani Government’s policies could be the catalyst we need.
It’s up to us to seize this moment and help write the next chapter in Malaysia’s economic success story.
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After 20 years of evolving technology, shifting market trends, and adapting to changing consumer behaviour, the media landscape has nearly reached saturation.
We’ve optimised to the fullest, providing advertisers with abundant choices across technology, platforms, data-driven marketing, CTV, OTT, DOOH, influencer marketing, retail, etc.
Media specialists have diversified, but with more options comes the challenge of maintaining income growth. The industry is expanding, but revenue isn’t keeping pace.
Now, we’re at a TURNING POINT: time to explore and harness new sustainable revenue streams. While GroupM forecasts a 7.8% global ad revenue growth in 2024, challenges like antitrust regulation, AI and copyright issues, and platform bans persist.
Collaboration is key: partnerships that thrive on synergy, shared values, and aligned goals are becoming increasingly essential.
Hence, the Malaysian Media Conference, in its 20th year, has assembled the partners and players under one roof on October 25 for a day of learning, sharing, and exploring.
