MDeC allocates RM 75 Million for Animation & Gaming projects
KAULA LUMPUR: The Multimedia Development Corporation (MDeC) has recently set up a funding of RM 75 Million for supporting MSC status companies co-productions with reputable and established foreign partners for Animation and Gaming projects. The RM 75 Million is projected to support 15 co-production projects over the next 2 years. This an initial amount and is subjected to government review based on the performance of the projects that will be funded. The intention is to ensure that MDeC got the right model that will help facilitate the growth of the industry.
MDeC is looking at co-production initiatives that will produce either short-form or long-form animation for TV or Films. In the area of games, MDeC will be looking at co-production projects focusing on creating games for either the PC platform or consoles.
Speaking to Animation Xpress Asia Pacific, Hasnul Nadzrin Shah,Head of GPP-Creative Multimedia Vertical, MDeC said, “We’re currently evaluating 4 to 5 projects. Due to the new nature of the fund, we’re in the process of final approval of those projects in consideration. Project are reviewed through an evaluation process where we’d look at various aspects of the project such as the creative component, right down to the commercial potential of the content that is being funded. At the end of the day, a project is assessed based on a criterion that is designed to help achieve the goals we’ve set to facilitate the development of the creative content industry here in Malaysia.”
MSC Malaysia status companies with potential foreign co-production projects will have to submit their interest by filling in a form that will be made available on the MDeC website. At that moment in time, the projects would have already reached a point where a draft co-production agreement outlining the work split and the commercial considerations would have been discussed in full detail. With this funding MDeC looks at generating approximately 600 jobs from the 15 co-productions which will include a mix of both creative and technical personnel.
Once a submission is done, the project will be assessed by an internal assessment team. MDeC would be looking at the creative, technical, production and commercial potential of the project. The company will be queried on multiple aspects of the project and a due diligence process will be undertaken on the foreign partner. Once the project meets the internal criteria and guidelines, it will be presented to a committee for consideration for funding.
“The co-production fund is one of the intervention support mechanisms designed to realize an expansion of the access to funding concept for Malaysian MSC status companies involved in the creative content industry.” Concluded Hasnul.
