Maoyan and Tencent Release First Report on China’s Movie Industry
XIAMEN, China, Nov. 22, 2019 /PRNewswire/ -- Maoyan Entertainment (“Maoyan” or “the Company”) (Hong Kong: 1896), a leading platform providing innovative Internet-empowered entertainment services in China, and internet giant Tencent jointly released their first report on China’s movie industry, which summarizes the profound transformation of the industry by the internet.
The report, titled “From Adding to Converging: Research on Movie Development in The Internet Era”, was released during the 28th China Golden Rooster and Hundred Flowers Film Festival in Xiamen.
The report presents the latest trends and opportunities resulting from the industry’s evolution from a simple combination of the internet with the movie industry, to a transformation with the more deep penetration of the internet into the full value chain of the movie industry. This is the first report on China’s movie industry released by Maoyan and Tencent since they formed a strategic alliance in July this year.
“Tencent and Maoyan aim to leverage various internet products, technologies, data and ecosystem to serve the whole movie industry, including production, promotion, distribution and IP development and commercialization,” said Maoyan CEO Zheng Zhihao. “With our internet products, data and technologies, we will help solve numerous pain points in the industry, so content creators can focus on their work and produce high quality content. This is our thinking for the alliance with Tencent.”
“We hope our cooperation with Maoyan will become an accelerator and supporter for directors and content creators and that we can bring good content to the target audience in the most effective way,” said Cheng Wu, VP of Tencent Group and CEO of Tencent Pictures. “We will also combine our advantages in promotion, distribution and content ecosystem to create more opportunities for the movie industry.”
The report discusses the changing environment for the movie industry in the internet era, new online consumption trends, the industry’s upgrade and digital transformation, the new ecosystem, the cultural exchange and overseas development, and future trends for the movie industry.
China has become the second largest movie market in the world with the box office exceeding RMB60 billion in 2018. Of all the 1.716 billion movie tickets sold last year, about 84.3% were purchased online. The internet has increasingly converged with the movie industry, penetrating from the consumer side to the full value chain of the industry, which is making China market unique in the world.
The internet has greatly changed people’s movie consumption habits. With online streaming, mobile internet, and interactive and social experience, consumers are turning from movie “viewers” to movie “users” with diversified choices of consumption channels and content. The wide adoption of mobile internet has stimulated the market expansion in China.
The internet has been deeply embedded into the movie industry, upgrading the whole process from project planning, content production, promotion to distribution. Maoyan can leverage its extensive data, including viewer profiling, comment keywords, and positive/negative word-of-mouth, to support content production, promotion and distribution, and help drive the box office growth.
The cooperation between internet companies and traditional production studios has created diversified and booming new ecosystems for the industry. The fast growth of online movies and the popularity of online IP have shaped a new content ecosystem. The online streaming channels with more paying users have molded a new commercial ecosystem. Cross-industry cooperation with internet companies has generated a new industry ecosystem.
The movie has become a world language and an influential cultural carrier and communication medium. China’s internet platforms have been supportive of bringing domestic movies to the overseas market to contribute to cultural exchanges.
As the convergence of the internet and the movie industry continues, movie consumption scenarios will become more diverse. The full value chain of the industry will be digitally transformed. Closer cooperation with internet companies will help drive the industry to a new level.
Maoyan and Tencent have been strengthening cooperation after their strategic alliance was launched in July this year. Maoyan is working with Tencent Pictures to jointly build an advanced movie promotion and distribution system in China. Maoyan is also cooperating with Tencent Video to develop China’s leading and comprehensive entertainment consumption platform.
About Maoyan Entertainment
Maoyan Entertainment (Hong Kong: 1896) is a leading platform providing innovative Internet-empowered entertainment services in China. Since its inception, Maoyan has grown from an online movie ticketing service provider to an innovative one-stop platform for entertainment services. Maoyan has a comprehensive strategy to become a leading platform servicing the entire entertainment industry in China. The upgraded strategy is supported by five key platform pillars: online ticketing platform, products and services platform, data platform, marketing platform, and funding platform.
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SOURCE Maoyan Entertainment