MUMBAI: In a bid to attract foreign investments, the Media Development Authority of Singapore (MDA) has simplified its industry funding schemes from 46 to five.

The MDA Grant Schemes, which seek to position the media industry for the future, are a result of a series of consultations with the industry from the start of the year.

The Schemes also seek to meet the evolving needs of the industry at five key stages of growth from ideation, production, marketing, talent up-skilling to enterprise development.

The MDA Grant Schemes are applicable to all seven sectors of the media industry: Broadcast, Animation, Film, Music, Interactive Media, Games and Publishing.

Funding is in the form of grants, which encourages media companies and individuals to own and more fully capitalise on the Intellectual Property of their product, service or solution, and to do so across different media platforms as well.

A total of S$88m has been set aside for the five schemes. Existing projects under the 46 schemes will continue to be serviced to completion.