Policymakers and experts from China, Indonesia, Japan, Korea, Malaysia, Philippines, Singapore, and Thailand who comprised the ERIA working group on content industry conducted a two-year research project to propose policy recommendations for developing the content industry in Asia. Through interviews, questionnaire survey, and discussions among the members, the working group conducted a SWOT (strength-weakness-opportunity-threat) analysis of the content industry in each country and in the Asian region as a whole, and further evaluated policies for promoting the industry based on 'necessity of policies' and 'effectiveness of policies'. The study proposes the following policy recommendations: (i) Communicate industrial development visions, master plans, statistics; (ii) Establish international agreements; (iii) Introduce incentive schemes to encourage investments; (iv) Establish governmental financing schemes to promote private financing; and (v) Introduce and review the management of intellectual property rights protection, and anti-piracy measures.