Thai Digital Content Industry Reaches THB50.6 Billion in 2024
The country's digital economy sees a strong recovery with a 14% growth driven by a massive art toy boom, while the gaming sector rebounds after two years of contraction
- Thailand's digital content industry grew by 14% to a total value of 50.6 billion baht in 2024, according to a report by the Digital Economy Promotion Agency (depa).
- The character industry was the primary driver of growth, surging 196% to 7.2 billion baht, largely due to the global art toy trend.
- The gaming industry, the sector's largest component at 36 billion baht, recovered with 5% growth, while the animation and e-book industries experienced slight contractions.
- Future projections estimate the industry will continue to expand, reaching a value of 56.4 billion baht by 2027.
Thailand's digital content industry has made a significant recovery, reaching a total value of 50.609 billion baht in 2024, according to a new report from the Digital Economy Promotion Agency (depa).
The annual study, conducted in collaboration with leading industry associations, showed an overall growth of 14% and a positive three-year forecast.
The findings are based on the 2024 study of Thailand’s digital content industry, which covers games, animation, characters, and e-books.
The study was a joint effort between depa, 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).
The most notable growth came from the character industry, which saw an extraordinary 196% surge, achieving a value of 7.232 billion baht.
According to Anita Tantasirin, a board member of the Digital Content Association of Thailand, this was primarily driven by the global art toy trend, with character merchandising soaring by 506% to 6.078 billion baht.
The report highlights that Thai producers have successfully capitalised on the demand for products linked to major brands like Pop Mart, Qposket, Nendoroid, Funko Pop, and Cosbaby, showcasing their adaptability to international markets.
Meanwhile, the gaming industry, which accounts for the largest share of the sector, has begun to recover after two consecutive years of contraction.
According to Kittipong Prucksa-aroon, president of the Thai Game Software Industry Association, the sector was valued at 35.981 billion baht, growing by 5% in 2024.
The resurgence was attributed to the success of PC gaming and consoles like the PlayStation 5 and Nintendo Switch, which benefited from high-quality "AAA" title releases.
However, mobile gaming consumption declined to 17.835 billion baht amid intense competition and cautious consumer spending.
Other key findings from the depa report include:
Animation Industry: According to Kris Nalamlieng, president of the Thai Animation and Computer Graphics Association, the sector was valued at 3.432 billion baht, contracting by 3% for the third consecutive year.
The industry faces stiff competition from neighbouring countries with lower labour costs and the growing impact of artificial intelligence (AI).
Despite these challenges, Thai operators continue to have an advantage in high-quality, specialised work, and the animated film market showed signs of recovery with over 30 theatrical releases, with INSIDE OUT 2 generating the highest revenue of 148 million baht.
E-book Industry: Kawita Puksai, a representative from the e-book industry, stated that the e-publishing sector saw a slight adjustment with a total value of 3.963 billion baht, a minor contraction of 0.21%.
The decline in web novels and webtoons was offset by growth in e-books and e-comics. The industry remains highly dependent on imported content, particularly from China, Korea, and Japan, though some Thai authors are beginning to gain popularity.
According to Kasama Kongsamak, acting SEVP of depa, the study surveyed 277 digital content operators in Thailand, highlighting the industry's long-term stability with an average annual growth rate of 10% from 2018 to 2024.
Projections indicate continued expansion, with the industry expected to reach 56.414 billion baht by 2027.
While the workforce saw a slight reduction of 1% to 7,688 people due to the adoption of AI, demand for skilled personnel in areas like creative thinking and intellectual property (IP) creation remains high.
The report concluded with a panel discussion titled "When Creativity Meets Code: Thriving in the AI Era of Thai Digital Content", organised by depa and its partners. During the discussion, industry representatives stressed the importance of leveraging AI for creative collaboration and developing strong local IP to reduce the industry's reliance on foreign content.
