On March 1, 2024, Minister for Communications and Information Josephine Teo announced that approximately S$320 million has been allocated to SPH Media Trust (SMT) over the 2022 and 2023 financial years, contingent upon meeting certain performance targets. In light of anticipated challenges in the media sector, the government plans to provide around S$260 million in funding for the 2024 financial year.

Despite maintaining its overall reach and achieving modest growth in digital subscriptions, SMT fell short of several key performance indicators, including digital reach and engagement with younger audiences. As a result, it did not receive the full funding initially committed. The government had previously pledged up to S$900 million to SMT over five years, with annual disbursements projected at up to S$180 million.

Teo emphasized that the funding is focused on three main areas: talent development, technological advancement, and enhancing vernacular capabilities. This initiative reflects the government’s commitment to ensuring quality journalism, promoting digital transformation, and supporting multiculturalism in Singapore.

Regular performance reporting and compliance audits are required to ensure transparency and accountability regarding the use of funds. Teo noted that the funding disbursed thus far has been effectively utilized, allowing SPH Media to strengthen its digital infrastructure and improve outreach, paralleling efforts by global media publications.

SPH Media has implemented a new digital content management system and launched mobile applications for its English and vernacular news titles. The organization is also working to enhance talent retention and newsroom quality through training, scholarships, and fellowships.

Teo remarked, “These results show that the efforts made thus far are just the beginning,” and highlighted the ongoing need for SPH Media to adapt and remain relevant in a challenging media environment.

She further stressed the significance of investing in public service journalism in an age where misinformation can overshadow factual reporting. “We cannot expect media organizations elsewhere to tell Singapore stories,” she asserted, underlining the role of public service media in fostering a shared understanding of national issues.

The Minister acknowledged the need for improved performance indicators to better inform the public about SPH Media’s achievements and challenges, responding to requests for greater transparency from members of Parliament.

The Reuters Institute Digital News Report 2023 revealed that public service media entities were among the most trusted sources in Singapore, with The Straits Times leading in offline reach. Teo indicated that ongoing discussions would seek to enhance the evaluation metrics used for public service media, recognizing that current indicators may not fully capture their impact on Singaporean identity and unity.