KUALA LUMPUR, Oct 15 — The allocation of more than RM130 million under Budget 2027 for the local film, music and creative industries is a timely move to boost the sector’s contribution to economic growth and talent development.
MyCreative Ventures said in a statement today that the government’s support would help industry players nurture their talents, create high-quality content and build more resilient and sustainable creative businesses.
“In an industry increasingly shaped by technology, digital content and global competition, creativity must extend beyond producing works to generating greater economic value,” it said.
Prime Minister Datuk Seri Anwar Ibrahim, when tabling Budget 2027 on Oct 9, announced an allocation of more than RM130 million to support the local film, music and creative content industries, with the aim of elevating Malaysia’s image, creating job opportunities and bringing Malaysian stories to a global audience.
On the full exemption of entertainment duty on tickets for local film screenings and theatrical performances in the Federal Territories, MyCreative Ventures said the measure would help stimulate demand for local works, widen public access to quality content and boost the earnings of industry players.
“More importantly, the initiative will help build a stronger domestic market, paving the way for Malaysian creative works and talent to expand their reach.
“MyCreative Ventures will continue to support the development of the nation’s creative economy through value creation, stronger industry capabilities, the development and commercialisation of intellectual property, and broader access to markets and business opportunities,” the statement read.
Meanwhile, MyCreative Ventures Group chairman Datuk Muhammad Bakhtiar Wan Chik said the allocation underscored the MADANI Government’s continued commitment to developing the creative industry into a competitive, high-value sector that contributes more significantly to the national economy. — Bernama