Key drivers of this growth include technological advancements, rapid expansion of the digital market, and strong public-private cooperation in terms of development support, according to the Digital Economy Promotion Agency (Depa), reports the Bangkok Post.
These factors will play a crucial role in advancing Thailand’s position as a leading regional digital content hub, Depa reports.
The value of the digital content industry stood at B50.6bn in 2024, representing an average annual growth rate of 14%, reflecting long-term stability and development potential.
The findings were drawn from a 2024 study of Thailand’s digital content industry ‒ covering games, animation, characters and e-books ‒ conducted by depa in collaboration with the Digital Content Association of Thailand (DCAT), the Thai Animation and Computer Graphics Association (TACGA), the Thai Game Software Industry Association (TGA), the Bangkok ACM SIGGRAPH Business Association and IMC Outsourcing (Thailand).
Kasama Kongsamak, acting senior executive vice-president of depa, said 277 businesses were active in the country’s digital content sector in 2024.
An analysis of long-term trends between 2018 and 2024 revealed that the digital content industry recorded an average annual growth rate of 10%, underscoring the industry’s strong and consistent expansion, Ms Kasama added.
Despite a reduction in the workforce of 1% on average to 7,688 people in 2024, which was attributed to the adoption of artificial intelligence (AI) and automation, demand for specialised and skilled personnel remains high across all sub-industries.
AI tech has influenced every segment, including fundamental content production, motion graphics, and certain types of animation. However, it has also created new opportunities for diverse content creation and precise content customisation to meet consumer needs.
To stay competitive, the industry must focus on developing skills that AI cannot replace, such as creative thinking, project management, and the creation of unique intellectual property (IP).
Kittipong Prucksa-aroon, president of TGA, said the value of the gaming industry in 2024 was B35.9 billion, representing a 5% increase after posting consecutive contractions in 2022 and 2023.
The PC gaming market benefited from the release of high-quality AAA titles, growth in the work-from-home segment, and the success of both PlayStation 5 and Nintendo Switch.
Meanwhile, mobile platforms faced intense competition and more cautious consumer spending, resulting in the value of mobile gaming consumption declining to B17.8bn.
The games developed by IP owners were worth only B504 million, down 26% from 2023, highlighting the urgent need to support Thai IP creation and reduce reliance on imports, Mr Kittipong said.
Character business booming
Anita Tantasirin, a board member of the DCAT, said the character industry achieved the highest growth in 2024, reaching a value of B7.23bn, a 196% increase over the previous year.
Ms Anita said the growth was driven by an expansion of the character merchandising market, which surged 506% to B6.07bn.
The global art toy growth trend has boosted consumer demand for products linked to beloved characters, particularly from leading brands such as Pop Mart, Qposket, Nendoroid, Funko Pop and Cosbaby, resulting in sustained revenue growth.
The growth highlighted the potential of Thai manufacturers to produce high-quality products and their adaptability to international market demands, Ma Anita said.
Kris Nalamlieng, president of TACGA, said the animation industry was valued at B3.43bn in 2024, contracting 3% for a third consecutive year.
Key factors included intense competition from neighbouring countries that have lower labour costs and the growing impact of AI technology replacing basic tasks.
Kawita Puksai, a representative from the e-book industry, said the e-publishing sector recorded a minor adjustment, with a total value of B3.96bn, down 0.21% from 2023.