PUTRAJAYA, Aug 21 — An Act for the overall music industry will be formulated in two years, said Communications and Digital Minister Fahmi Fadzil.

Speaking to reporters after the Communications and Digital Ministry (KKD) monthly assembly here today, he said this is because there is no music industry Act and the matter is being studied including the relevant aspects to regulate the industry and marketing.

"We expect the drafting process to take time, nonetheless there is an effort to delve and provide some appropriate policies and benefits and meet the needs of the music industry,” he said.

Fahmi said KKD agreed to enact a Music Act after getting the views of various parties including music industry activists.

According to him, in the last MyCreative Ventures townhall session with music industry activists, one of the issues raised was the effort to bring local creative products to the international level.

Asked if the Act also involved the issue of music artist royalties, Fahmi said it did not involve the issue of royalties since the issue was overseen by the Ministry of Domestic Trade and Cost of Living (KPDN).

"We are still at an early stage so it is difficult for me to say what it will look like. But we have accepted some suggestions from a number of parties as an example to create a body that can control the music industry,” he said.

Fahmi said there are those who think the focus for a body that can regulate or help the music industry is towards honing talent, helping the marketing aspect and ensuring the sustainable growth of the ecosystem.

Meanwhile, Fahmi said as of 2022, MyCreative has succeeded in developing more than 10,000 individuals and creative businesses, as well as supporting more than 30,000 jobs in the creative industry through a fund of RM447.7 million and loans totalling RM558.45 million have been approved.

He said since its inception until now, MyCreative has raised various art forms and creative activists through strategic and innovative investments, as well as providing a dynamic platform.

At the ceremony, Fahmi presented a Digital Content Fund (DKD) of up to RM50,000 to 10 individuals who created National Day and Malaysia Day themed songs or patriotic songs with a national theme in various types of music and genres.

The 10 recipients were shortlisted from a total of 53 applications received after going through a rigorous screening process. — Bernama