Thailand’s TV dramas to ‘script’ new chapter in economic growth
Thailand’s TV dramas are set to become the next big thing in economic growth as the government throws its weight behind the creative industry. In a bold move, a dedicated subcommittee has been established under the National Soft Power Development Committee to craft policies turbocharging the sector.
With traditional TV viewership dwindling, channels are dusting off old classics and cutting episode lengths to cling to audiences. This viewership shakeup follows a media boom sparked in 2013 when terrestrial TV licences shot up from six to a staggering 20. The result? Drama overload, says Yossinee Nanakorn, the mastermind behind Maker-Y Co Ltd.
“We’re drowning in dramas. There’s too much content for viewers to keep up with.”
The advertising realm is shifting too, Bangkok Post reported, as TV ad revenue dipped by 2% in the year’s first seven months, while Internet ad spending soared by 8%, according to Nielsen Thailand. Though TV still commands half of the ad bucks, it’s a slide from the hefty 65% slice it enjoyed a mere decade ago, notes Nielsen’s own Runchita Srivoravilai.
This downturn forces TV stations to pare back production budgets and tighten new drama approvals. Streaming giants, meanwhile, lure viewers with a smorgasbord of content, putting the heat on traditional TV to freshen up its act.
In response, Thai drama producers are jazzing up their production value to strut alongside global powerhouses. Yossinee outlines the pressing need to embrace cutting-edge skills and filming techniques to stay ahead.
“We’ve got to up our game if we want to compete.”
Relevant scripts
Demand for snappy, socially relevant scripts is surging, with producers turning to freelancers amidst tightening budgets. A more strategic approach is being ushered in to handle workloads, enhancing efficiency and talent payoff, Yossinee said, calling for structured work processes and fair pay.
“Thai crews have incredible potential, but funding is tight.”
Streaming platforms could spell a golden ticket for Thai dramas, opening doors to international viewership. Yossinee flags the booming demand for nuanced LGBTQ content as particularly enticing for overseas audiences.
Theerapat Charoensuk of the Publishers and Booksellers Association of Thailand sees ripe opportunities in countries like Vietnam, the Philippines, South America, and Italy. National Soft Power Development subcommittee chief Chalermchatri Yukol believes Thai dramas could score big in markets with kindred viewing habits, such as Indonesia and South America.
“Our dramas have what it takes to captivate markets like Indonesia, the Philippines, and South America.”
The subcommittee eyes buying and airing Thai drama content abroad as a means to grow global presence, yet financing poses a challenge.
To further nurture the industry, Yossinee champions the idea of government subsidies and tax breaks for drama production teams. Upskilling to meet world-class standards is also on her agenda.
“Producers are committed to levelling up the quality of our content.”
Audience feedback, stresses Yossinee, is key to fine-tuning content quality and quantity. This cycle of improvement isn’t just about better TV; it could drive economic growth through job creation, tourism boosts, and investment influx.
With Thailand’s dramas stepping into the limelight, they are poised not only to entertain but to power the country’s economic engine as well.
What Other Media Are Saying
- PwC forecasts Thailand’s entertainment and media revenue to grow 4% to THB690 billion in 2024, driven by streaming and online advertising, urging businesses to adapt to consumer changes and leverage GenAI. (read more)
- Bangkok Post highlights a shift in Thai advertising, with production firms increasingly targeting streaming platforms amid declining TV ad revenues, emphasising the need for quality and differentiation in content creation. (read more)
- Thai Examiner reports Channel 3’s drastic restructuring amid declining traditional viewership, highlighting significant layoffs and a shift towards digital platforms to remain competitive in Thailand’s evolving media landscape. (read more)
Frequently Asked Questions
Here are some common questions asked about this news.
Why is the Thai government focusing on TV dramas for economic growth?
TV dramas can boost cultural exports and tourism, creating jobs and attracting foreign investment, thus contributing to economic development.
How might shifting viewer preferences impact traditional Thai TV dramas?
As streaming services grow, traditional TV dramas must innovate and adapt to retain audiences, potentially reshaping the industry.
What if Thai dramas successfully tap into international markets?
They could enhance Thailand’s cultural influence, increase foreign revenue, and encourage cross-cultural exchanges.
How are Thai drama producers adapting to global standards?
By improving production techniques, embracing modern storytelling, and focusing on diverse and progressive narratives.
Why could the LGBTQ segment be significant for Thai dramas abroad?
With growing global acceptance, unique Thai LGBTQ stories could resonate with international audiences, expanding market reach.
