The Philippines: A Market to Watch

At BNM, our focus is on Asia. To date, we have concentrated on Japan and Korea, but today, we want to spotlight another growing Asian market: the Philippines. We recently returned from the Asian Academy of Creative Arts panel and networking event in Manila and we believe the Philippines is ripe with opportunities for international companies.

Why are we bullish on the Philippines?

Youthful Market: the median age in the Philippines is 24, indicating a large and potentially untapped market eager for fresh content.

Growing middle class: As with much of Southeast Asia, economic growth is outpacing other regions. A growing economy typically includes a growing middle class with more disposable income.

Like the rest of the world, the Philippines is also feeling the effects of the media slowdown. CNN Philippines closed its doors last year and networks are tightening their belts too. However, local production companies, like producers worldwide, are reinventing the way they work to find opportunities in the downturn.

The Filipino creative community is responding by embracing branded content and incorporating brand integration into unscripted and scripted productions to offset smaller budgets. Filipino audiences are huge consumers of Korean dramas and are already accustomed to seeing brands placed into their favorite shows so this is a natural fit.

It’s a group effort. Producers and networks are collaborating like never before with networks even producing content for their former network rivals.

The Philippines Film Commission is also working to expand its focus, showcasing the nation’s islands and diverse landscapes to attract international producers and establish the Philippines as a sought-after shooting location.

Finally, the Filipino creative community is vibrant and close-knit. Once one of the largest consumers of Korean content, producers are now focused on developing local content with an eye towards exporting their TV and films to markets worldwide.

As the Filipino content industry continues to mature and innovate, international companies would be wise to explore the potential partnerships and opportunities this exciting market has to offer.