Asia Media & Technology Capital Management (AMTC), a Singapore-based asset manager, has signed a memorandum of understanding with content provider China Information Business Network (CIBN) to make venture investments in China.
The deal was struck last week as part of a delegation from Singapore’s Media Development Authority to China.
AMTC manages the $500m Asia Media & Technology Capital Fund, which invests in media and technology companies in Asia with partial Singapore government backing, with a particular emphasis on China, according to the authority’s statement.
Peter Tan, founder and chief executive of AMTC, said: "The investment opportunities are plentiful – you could say that China is the last frontier of media, and it will also be the biggest market the world has ever seen. Part of the reason is the huge pent up demand for media. China is one of the most regulated media markets in the world, and yet the consumer spending power have grown tremendously from 32 years of liberalization in other areas of business.
"China wants the latest of everything now. There will be opportunities in every sphere from traditional to new media, from infrastructure to mobile applications, from government sponsored educational projects to private initiatives in digital and broadcast entertainment. For example, there is a government plan to quadruple the number of cinema screens, but even that would barely meet the demand."