Singapore (ANTARA) - The mainstream media industry continues to give top priority to content development in 2020, as it eyes greater profits and business expansion, the 2019 Asia TV Forum & Market (ATF) speaker remarked in Singapore, Tuesday.

"Technological advancements have shaped the existing approaches of the industry. For instance, video-on-demand services have rapidly increased, thereby signaling a change in the people's preferences on consuming news and other media products," Gong Yu, the chief executive officer of iQIYI, stated.

Yu, who founded the Beijing-based online video platform, pointed out that content creation had remained a core product of the media industry in most nations in the previous years.

In the meantime, Shibasish Sarkar, the CEO of Mumbai-based Reliance Entertainment, stated that content development had supported a large number of India’s movies and other media products that had penetrated the global market.

However, he opined that content development must be fortified by a strong network of media companies worldwide. "When we set up partnerships, it will expand our scope and expand our content distribution to reach a wider consumer base," he expounded.

Sarkar believes that the audience awaits technologies that enable media content to become more accessible for daily consumption.

"In 2020, they await greater ease of access to information. I perceive this as an opportunity for India's media industry to penetrate more into global markets," he remarked.

As part of the Singapore Media Festival, the ATF is an annual event first launched in 2000. The forum, supported by the Singapore Broadcasting Authority, aims to bring together stakeholders, broadcasters, and experts worldwide to project their views on the industry's future outlooks and trends.
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Translator: Panca HP/Genta Tenri Mawangi
Editor: Suharto
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