MyCreative to Leverage On PENJANA Mandate to Jumpstart Economy
MyCreative Ventures Sdn. Bhd. (MyCreative) welcomes the allocation of RM225 million in overall value for the arts, culture, entertainment and event industries under the National Economic Recovery Plan (PENJANA) announced by Prime Minister, YAB Tan Sri Dato’ Haji Muhyiddin bin Haji Mohd Yassin on June 5.
MyCreative is pleased to announce applications are now open for MyCreative’s own programmes designed under the PENJANA allocation. It is hoped that these programmes will be able to provide effective implementation of the stimulus measures for the Creative Industries.
Minister of Communications and Multimedia, Dato’ Saifuddin Abdullah reaffirms his ministry’s commitment to supporting the Creative Industry : “The allocation under PENJANA is greatly welcomed as it addresses the immediate needs of all within the industry, providing much-needed boost to a broad aspect of the creative economy. There is also an emphasis on digitalisation, growth and sustainability of the creative activities. What is more, this will complement our own initiatives for the Creative Industry for the next six months.”
According to Dato’ Saifuddin: “Our immediate focus will be on ensuring that every cent reaches the right hands as soon as possible with proper governance and integrity. l am confident that MyCreative and Unit Pelaksanaan Dan Koordinasi Stimulus Ekonomi Antara Agensi Nasional (LAKSANA) will ensure effective implementation and inclusivity, including women, young people and minorities, while exemplifying the advice of the Prime Minister in ensuring we do not allow red tape and bureaucracy to hinder Malaysia’s economic recovery.”
Finance Minister, Tengku Datuk Seri Zafrul Tengku Abdul Aziz, explains the rationale for the allocation: “The decision to allocate for the arts, culture, entertainment and events industries was guided by the overwhelming feedback we received during our dialogue sessions with a broad range of industry representatives. These stimulus measures for the creative industries would certainly have not been possible without the close collaboration between the Finance Ministry (MOF), KKMM and MyCreative. These measures represent an affirmation of the Government’s support for the creative economy, especially during these difficult times that creative activities have been impacted due to the COVID-19 pandemic.”
For the six-month period from July to December 2020, MyCreative will focus on assisting creative businesses and activities transition to or incorporate more effectively digital and online opportunities.
“We are grateful to the Minister of Communications and Multimedia and the Finance Minister for entrusting MyCreative with the task of jumpstarting the Creative Economy and putting it back on its trajectory of becoming a significant contributor to Malaysia’s growing digital economy and its GDP”, said Mohd Naguib Razak, Chairman of MyCreative Ventures.
According to Mohd Naguib, “The substantial allocation of RM190 million in overall value for the creative sector under MyCreative – which we have framed as the PENJANA Plan for the Creative Industries – is evidence of our shared belief in the value and potential of our Creative Industries. MyCreative acknowledges the responsibility that comes with the mandate to carry out these measures in the most efficient yet urgent manner and is committed to applying our know-how to add value, help to future-proof the creative industry and make its voice heard.”
The MyCreative programmes cover 10 creative sub-sectors: Content Creation (including Film, Broadcast & Streaming Content and Videogames), Music, Fashion, Performing Arts, Visual Arts, Literature, Traditional and Cultural Arts, Culinary Arts, Design and Creative Education.
Applicants can tap into a variety of schemes and initiatives such as Live Event Grants, Digital Marketing Grants, Matching Investments Schemes as well as very attractive Fast Track, Low- Interest Soft Loans. These measures will be further complemented and enhanced by MyCreative’s Creative Industry Digital Velocity Programme comprising digital marketing and promotion training, connectivity assistance and advisory services.
Available assistance under the PENJANA Plan for the Creative Industries will include:
- Digital Marketing and Promotions Grants (DMPG) – RM50 million worth of digital marketing obtained from the RM10 million grant, with a cap of RM25,000 worth of digital ad value per applicant to benefit approximately 2000 creative industry recipients.
- Creative Industry Recovery Grants (CIRG)
- Digital Events and Exhibitions Grants – will seek to accelerate the re-staging of live events and exhibition showcases that support so many jobs within the Creative Economy ecosystem – on condition that these live events & exhibition showcases also adopt a digital/online aspect to their business and viewership.
- Arthouse-Festival Feature Film Grants – to help the continuation and recovery of local arthouse-festival films & documentary films through funding of development activities and production costs.
- Literature and Publishing Grants – to stimulate the continuation and recovery of research, writing, publishing and sales of locally written works. This will include various genres such as fiction, non-fiction, graphic novels, comic books,
poetry, biographies and reports through support to create digital sales channel, sales support, publication and costs support.
- CENDANA Recovery Initiatives (CRI) – will ensure critical help reaches the three sub- sectors under its mandate, i.e. Performing & Traditional Arts, Visual Arts and Independent Music, plus the inclusion of Traditional Crafts.
- Matching Investment Loan Scheme (MILS) – “Create with Malaysia” Matching Co- Investment Loan Scheme for international Film & TV Dramas, Lifestyle Programmes and Documentaries. MyCreative, guided by its Board, will negotiate bulk content partnership output deals with local, regional and international broadcasters and streaming platforms etc.
- Creative Industry Fast Track Soft Loan Fund – for companies, partnerships and sole proprietorships, with a 3.5% interest rate and up to 12-month grace period.
- Creative Industry Business Revival Loan – designed for more seasoned and experience creative companies with already stable business models that are affected by Covid-19 with revenue above RM1 million. Funding amount is up to RM500,000.
- Creative Industry Micro-financing for Creative Entrepreneurs – designed for fairly new companies, partnerships and sole proprietorships that are effected by Covid-19. Funding amount is up to RM150,000.
- Creative Industry Bridging Facility for Content Producers – designed for content producing companies that have secured commissioned job contracts. Funding is up to RM500,000.
MyCreative’s overall role is to help businesses make the difficult transition to becoming more digital in order to remain relevant and competitive in the ‘new normal’. Special attention will be given to Live Events and Exhibition Showcase Events, especially if they are able to incorporate a digital or online dimension into their business model.
In addition to direct financial support to creative businesses, MyCreative is also looking to provide indirect support under the Creative Industry Digital Velocity Programme, in the form of advice, training and networking in order that creative industry practitioners can better incorporate a digital or online dimension to their creative business or activity and to use the Digital Marketing and Promotions Grants more effectively. MyCreative have also arranged collaboration with the private sector, beginning with partnerships with Google, Facebook and Yes, to help players adapt to new normal through training in digital distribution methods and promotion, development of new business models and connectivity.
Applications are now open. MyCreative have prepared comprehensive guidelines in the form of FAQ sheets on each initiative as well as a hotline to facilitate applications and for ongoing communications support via its website or telephone.
Please visit http://www.mycreative.com.my/ for the full announcement, the FAQs and additional contact information.
Additional information on the CENDANA Recovery Initiatives (CRI) can be found on CENDANA’s website, https://www.cendana.com.my/ .