kuala lumpur: Digital Minister Govind Singh Deo has urged industry players to explore the opportunities presented by creative technologies such as Metaverse.
He said Malaysia Digital Economy Corporation (MDEC) recognized the importance of immersive technology and launched the IP360 Metaverse initiative.
“The goal is to enhance Malaysia’s position in content production and creative technology by providing development and investment opportunities to local creators and studios,” he said at the Malaysia Digital Content Festival Biz Day 2024 today.
Mr. Gobind encouraged industry participants to explore the potential of the IP360 metaverse. “Your experiences and feedback are important as we continue to learn about these emerging technologies and explore ways to leverage them across all sectors.”
He said that MDEC is currently working on a project to digitize nearly 50 traditional dance movements in collaboration with several organizations, including Akademi Seni Budaya Dan Warisan Kebangsaan. It became clear that there was a lack of a platform to do so.
“By leveraging the IP360 Metaverse, we aim to create a collaborative effort to bring these cultural assets to a wider audience,” he added.
Gobind said the IP360 Metaverse is expected to be publicly available by the end of the year. “This will allow users to experience the platform first-hand. This move will also lay the foundation for the long-term commercialization potential of the platform.”
Govind said the platform is just the beginning.
“The Meta and Deloitte report estimates that the Metaverse will contribute approximately US$3.1 trillion (RM12.6 trillion) to global GDP in 2031, of which the Metaverse’s impact on the Asia-Pacific region will be It could be between US$800 billion and US$1.4 trillion annually by 2035.
“It’s only been 11 years. Therefore, we need to take advantage of such technology quickly,” he stressed.
The Minister said that since 2019, the Digital Content Festival has provided a platform to showcase Malaysia’s best digital content to domestic and international audiences.
“Demand for digital creative products and services is increasing both domestically and internationally,” Govind said.
He added that the global creative technology market size is expected to reach USD 687.4 billion by 2027, with a compound annual growth rate (CAGR) of 9.97% from 2020 to 2027.
“Sub-sectors of the creative technology industry are also growing. For example, the global animation market size increased by 5% in 2022 and exceeded USD 587 billion in 2030,” he said.
Riding the tailwind of the global digitalization phenomenon, the global gaming market has also grown significantly, Govind said. “According to the Newzoo Global Gaming Market Report, global gaming revenue was valued at USD 187.7 billion in 2024 and is expected to grow to USD 213.3 billion in 2027 at a CAGR of 3.1% (2022-2027). ”
In his 2023 report titled “Governing the Metaverse,” Govind identified the World Government Summit, infrastructure, industry standards, user and data protection laws and regulations, and policies and incentives as four priorities for Metaverse development. He said that it is one of the
“Some countries, such as the United Arab Emirates and China, are developing national strategies to foster metaverse development,” he said, adding that, like other technologies, reliability, cybersecurity and personal He added that data protection is a key element of the Metaverse solution.
“I am proud to highlight that the Madani government has already taken steps to build trust and strengthen digital resilience, including amending the Personal Data Protection Act 2010 and enacting the Cybersecurity Act 2024. ” said Mr. Govind.
