In February 2022, the government announced it would provide up to S$900 million (US$702 million) in funding support for SMT, which runs the Straits Times, over the next five years. The plan was for up to S$180 million to be disbursed annually, depending on whether SMT met key performance targets.
This came after SMT was hived off from Singapore Press Holdings in 2021 to become a not-for-profit entity, amid the steep decline of print media and the migration to the digital space.
The Straits Times must make full use of the government support to produce a high-quality national paper for all Singaporeans, said Mr Wong on Friday.
“You have our full confidence and support in this mission.”
The Straits Times’ competition is global, said Mr Wong, noting that the paper is competing not just with other traditional media outlets, but also with the best content creators worldwide and everything else on screens.
The paper must adapt to this new media environment, he said, adding that this will not be easy.
“I believe there will still be a place for print, and we should all do our best to keep print newspapers viable in Singapore for as long as possible,” said Mr Wong.
“But 10 years from now, the printed Straits Times may well look quite different from what it is today, in style, tone and length. It has to be different if it is to remain relevant and useful to future readers.”
Only the Straits Times can make these calls on what changes to make and the government is not in a position to prescribe the solution, said the prime minister.
Offering “broad reflections” on what the paper can do to stay relevant in this new environment, Mr Wong urged the Straits Times to build on its strengths as a “trusted anchor” for Singaporeans, keep quality at the core of everything it does and speak with a Singaporean voice to the world.
“As a small country navigating a complex and uncertain world, we need strong and credible institutions that can analyse clearly, explain deeply, and advocate confidently for Singapore’s interests. And this is the role that the Straits Times must continue to fulfil,” he said.
