KUALA LUMPUR: Digital Minister Gobind Singh Deo is urging industry players to explore opportunities presented by creative technologies such as metaverse.
He said Malaysia Digital Economy Corporation (MDEC) launched the IP360 Metaverse initiative as it acknowledges the importance of immersive technologies.
“”Its goal is to elevate Malaysia’s standing in content creation and creative tech by offering development and investment opportunities for local creators and studios,” he said at Malaysia Digital Content Festival Biz Day 2024 today.
Gobind urged industry players to explore the potential of IP360 Metaverse. “Your experience and feedback are important as we continue to learn about such emerging technology, and unearth ways to utilise it across all sectors.”
He disclosed that MDEC is working with several parties including Akademi Seni Budaya Dan Warisan Kebangsaan on projects to digitise nearly 50 traditional dance movements, but currently lacks a platform to showcase them.
“By leveraging IP360 Metaverse, we aim to create a collaborative effort to bring these cultural assets to a wider audience,” he added.
Gobind said IP360 Metaverse will be open to the public by end of the year. “This will allow users to experience the platform first-hand. The move will also lay the groundwork for the platform’s long-term commercialisation potential.”
Gobind stated that the platform is merely the beginning.
“Reports by Meta and Deloitte estimate that the metaverse will contribute approximately US$3.01 trillion (RM12.6 trillion) to global GDP in 2031. Of this, the impact of the metaverse on the Asia-Pacific region could be between US$800 billion and US$1.4 trillion per year by 2035.
“That’s only 11 years away. Thus, we need to quickly capitalise on such technology,” he stressed.
Since 2019, the minister said, the Digital Content Festival has provided a platform to showcase the best of Malaysian digital content to both domestic and international audiences.
“The demand for digital creative products and services is growing, both locally and internationally,” Gobind said.
He added that the global creative technology market size is projected to reach US$687.4 billion by 2027 with a compound annual growth rate (CAGR) of 9.97% between 2020 and 2027.
“Sub-sectors within the creative technology industry are also thriving. For example, the global animation market size increased by 5% in 2022 to over US$587 billion in 2030,“ he said.
Riding on the tailwinds of the global digitalisation phenomenon, the global game market also boomed significantly, Gobind said. “According to Newzoo Global Games Market Report, global games revenue was valued at US$187.7 billion in 2024 and is expected to grow to US$213.3 billion in 2027 with a CAGR of 3.1% (2022-2027).”
Gobind said the World Government Summit in its 2023 report titled “Governing the Metaverse”, infrastructure, industry standards, laws and regulations around user and data protection, and policies and incentives, are among the four priorities for the development of the metaverse.
“Some nations, such as the United Arab Emirates and China, have in place national strategies to facilitate metaverse development,” he said, adding that just like any other technology, reliability, cybersecurity, and personal data protection are key components in metaverse solutions.
“I am proud to highlight that the Madani Government has already taken steps, such as amending the Personal Data and Protection Act 2010 and enacting the Cyber Security Act 2024 to create trust and strengthen our digital resilience,” Gobind said.
