$320m disbursed to SPH Media over 2 years amid severe industry disruption

Minister says it did not receive full funding as it did not meet all of its performance targets

- Jean Iau

About $320 million has been disbursed to SPH Media Trust (SMT) across the 2022 and 2023 financial years, after it met some of its performance targets, said Minister for Communications and Information Josephine Teo.

In anticipation of a more challenging media environment, the Government has budgeted to provide SMT with about $260 million in funding for the 2024 financial year, she added during the debate on her ministry's budget on March 1.

While SMT had maintained its overall reach and achieved a modest increase in its digital subscriptions, it did not meet key performance indicators for digital reach, youth reach, vernacular reach and average time spent on its websites and apps, said Mrs Teo.

"Accordingly, it did not receive the full funding that was committed," she said.

In February 2022, the Government had said it would provide up to $900 million in funding support to SMT over the next five years.

Mrs Teo said then that up to $180 million would be disbursed annually.

Responding to MPs' questions on government funding of SMT, which comes under the Ministry of Communications and Information's (MCI) budget, Mrs Teo reiterated on March 1 that the funding is targeted at three main areas: talent, technology and vernacular capabilities.

They reflect the importance the Government has placed on quality journalism, digital transformation and upholding multiculturalism, amid severe disruption of the media industry, she said.