Public broadcaster Mediacorp announced 30 June 2009 that it will be muscling in to the events management business. They should be stopped.
Mediacorp is 100 percent government-owned, and it is not in Singapore’s interest for government-owned businesses to muscle in on industry areas that the private sector can accomplish. Government intervention should only take place if there is either market failure or if a project requires a degree of investment (or a long term security of investment) that cannot reasonably be provided by the market.
One of Singapore’s ills is that government-linked businesses have long tended to crowd out private initiative, leading to a situation we are in today — where few private Singapore companies are capable of being global players.
Mediacorp’s move into events management appears to be a response to its increasing failure as a public broadcaster. It is really bad at its job, failing to keep itself relevant to itsmpublic and its mission. It neither provides the entertainment that consumers want, nor the news and socio-political discussion that a maturing citizenry needs. Its failure can be seen from its deteriorating bottom line and declining viewership. Yet, instead of doing better at what it should be doing, it now wants to spread itself thinner and act against Singapore’s interest by invading any area that the govenrment has no business getting involved in.
30 June 2009
Channel NewsAsia website. Link.
MediaCorp moves into events management
Singapore: Leading media company, MediaCorp revealed Tuesday, the formation of MediaCorp VizPro International Pte Ltd to leverage fully on the firm’s multi-platforms to penetrate the expanding regional and international live Entertainment and Meetings, Incentives, Conventions, Exhibitions (M.I.C.E) arena.
The move into ‘on ground’ events management that will begin 1 July will be led by Tan Peck Joo, EVP, Corporate Development, International Business and VizPro International.
It will comprise three integrated sections to lend support to all the events currently managed by MediaCorp businesses as well as to grow new business.
This includes VizPro that will focus on acquiring and promoting unique shows as well as show productions in collaboration with various business partners, and VizPro M.I.C.E that will work with government bodies and other stakeholders in the development of Singapore into an attractive M.I.C.E/Event Hub, both domestically and regionally.