Sports Investment, Events And Media To Power Growth In The Singapore Sports Industry

18 March 2009

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Sports Investment, Events And Media To Power Growth In The Singapore Sports Industry

Singapore, 18 March 2009 - Against the backdrop of the current economic downturn, encouraging developments from sports investments, events and media continue to power the growth of the Singapore sports industry.

"Despite the economic clouds, we remain optimistic about the development of sports in Singapore," said Dr. Vivian Balakrishnan, Minister for Community Development, Youth and Sports at the 4th Annual CEO Networking Session, hosted by the Singapore Sports Council (SSC). "We can find examples of new deals that confirm the long-term strength of the global sports market." Dr. Balakrishnan pointed out the economic benefits Singapore will reap from significant sports events such as the Asian Youth Games and the Youth Olympic Games, and major infrastructural projects such as the Singapore Sports Hub and upcoming Changi Motorsports.
Added Dr. Balakrishnan, "Singapore is a natural draw for sports spending, thanks to our friendly business environment, existing events assets and infrastructure, and sound strategies in cultivating a strong sports culture. Our sports industry value had crossed the $1 billion mark in 2007, placing us on course for our target of reaching a $2 billion GDP contribution by 2015."
Singapore will hold over 600 international and local sports events, such as the first Asian Youth Games (AYG) and the Men's Junior World Cup Hockey in 2009 alone. Attracting global companies to invest in Singapore has been successful too with international sports companies, like MP & Silva and Life Fitness establishing their Asian bases here.
With the Singapore government committed to grow the Singapore Sports Industry, SSC believes that more companies will realise the untapped potential of Singapore's Sports Industry. "On the investment front, the EDB and SSC have been actively pursuing sports companies to base their operations in Singapore. We can expect several investment announcements over the next 12 months," said Mr Oon Jin Teik, Chief Executive Officer of SSC.
"Our premium events in 2008 alone generated more than $40 million in local publicity, and the international figures are exponentially greater. In today's economic climate, sports and business are, more than ever, in a position to help each other maximise the return on our investments," added Mr Oon.
On sports media, MDA and SSC are collaborating on a new, local sports magazine series to be telecast on MediaCorp TV Channel 5 from the middle of this year. Said Dr Christopher Chia, Chief Executive Officer of MDA: "We are pleased to partner SSC and work with the industry to bring to viewers this flagship sports series which we believe to be a significant one in terms of growing production capabilities in sports media. The programme will also be a prominent platform to showcase Singapore's sporting talents and stimulate awareness of sporting activities in Singapore." The programme -- which will include highlights of key sporting events featuring Singapore?s athletes -- will run from the middle of this year and lead up to the inaugural 2010 Youth Olympic Games to be held in Singapore. This programme is on top of the School Nationals broadcast that premiered on national TV earlier this month under the SSC-Ministry of Education-MediaCorp collaboration.
Mr Oon also announced that the SSC will be calling a Request for Proposals (RFP) for the Changi Motorsports Hub by the end of this month. "The SSC has spent the last few months refining the project specifications to make it a more compelling and attractive product for potential investors. Despite the current economic climate, potential investors have expressed positive interest in bidding for the project," he said.
On the new media front, SSC's singaporesports.sg website has recorded more than 3 million hits in just 10 months. The Asian Youth Games will also capitalise on the new media platform as its main broadcast medium. Speaking at the event, Mr. Kelven Tan, Chief of Sports Marketing, emphasised that youths aged between 14 and 17 years old are the first generation in Asia to grow up with new technology; and they will be the next generation of direct consumers - alongside volunteer coaches, officials and event organisers. "The Asian Youth Games offer consumer-driven companies the opportunity to reach out to youth across Asia in various media platforms that they understand. The Games can connect the unique identity of brands with the different characters and personalities of the events," he added.
This year's CEO Networking Session was held at the F1 Pit Building @ Marina Bay and was attended by more than 100 corporate leaders.

For media enquiries, please contact:

S. Parameswaran
Manager, Corporate Communications
Singapore Sports Council
DID: 65005236
Email: parames_seenivasagam@ssc.gov.sg

Alvin Hang
Deputy Director, Corporate Communications
Singapore Sports Council
DID: 65005164
Email: alvin_hang@ssc.gov.sg