THE Government will put in 'significant' resources to develop and attract homegrown and foreign creative talent as part of a soon-to-be-released masterplan to make Singapore a vibrant media hub.

The plan, to be announced within the year, is aimed at making the Republic the world's premier place to 'make, host, and distribute' media content, said Media Development Authority of Singapore (MDA) chief executive officer Dr Christopher Chia. This will in turn create good-paying jobs for Singaporeans.

Dr Chia gave a sneak peek into the upcoming Singapore Media Fusion (SMF) 2015 masterplan on Wednesday at a joint briefing by the MDA, the Economic Development Board (EDB), and the Infocomm Development Authority of Singapore.

The SMF encapsulates the attributes of the media industry in showcasing Singapore as a global media city, said a joint statement from the three agencies on Wednesday.

'SMF is a mark of the quality of our products and services and the collective richness and diversity of the media industry.'

'The positioning not only lends consistency in the manner to which the Singapore media industry is represented and promoted, it is also intended to enhance the image of Singapore media at an international level, in a compelling and coherent manner.'

The statement said Singapore is establishing itself as the region's hub for media businesses and the financing, making and trading of media content and services.

Riding on the global trend of media convergence, it has leveraged on its excellent infrastructure and pool of IT talents to emerge as a centre for the creation, management and distribution of interactive digital media (IDM).

A conducive business environment buttressed by a highly-skilled labour force, robust intellectual property regime, pro-business regulatory framework and quality of life, has drawn an increasing number of international media brands to Singapore.

Since 2005, EDB has secured international projects that would create over 1,600 jobs when fully realised.

The media sector now brings in over S$18.2 billion in revenue, employing more than 53,000 people and contributing S$4.9 billion in value-added.

There is currently over S$500 million worth of media funds available for media projects and companies, as a result of private capital injected by banks, financial institutions and strategic investors.