Headlines from China: Key Market Trends Revealed at 2018 China Cultural and Entertainment Summit

Key Market Trends Revealed at 2018 China Cultural and Entertainment Summit

Recently, the 2018 China Cultural and Entertainment Summit took place in Beijing. Many key market trends are revealed at the summit. In 2018, the size of China’s entertainment market is estimated to exceed 650 billion yuan ($93.7 billion). The market of paid content is valued at 340 billion yuan ($49 billion). The fastest-growing sector is paid video content with an annual growth rate of 40%. Short video apps are especially successful in monetization this year mainly through advertising services. In the capital market, online video and live streaming sectors are most active, receiving an estimated 20 billion yuan ($2.88 billion) investments in the first half of 2018. The rapid growth of the short video sector started during the 2018 Chinese new year. As of June, 74.1% of China’s 802 million netizens are registered uses of short video apps. According to Unicom Big Data, the user number of short video apps has surpassed that of long-form video platforms. Read more on entgroup.cn

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New Regulations on Online Audio-visual Content to Take Effect in February 2019

Recently, a notice from Beijing Municipal Bureau of Radio and Television is being circulated around. The notice reportedly includes new rules regarding original online audio-visual content. Currently, original content for online video platforms is only required to be reviewed by internal review teams of the platforms. However, the new rules require producers to submit scripts to local media regulators for initial approval. After the production of a film/TV show is completed, the final work is also required to be submitted for final approval. Online video platforms are only allowed to acquire content that has been approved. The new rules are rumored to take effect in February 2019. Read more on National Business Daily 

Disney’s Live Action Film ‘Mulan’ Wraps Filming in New Zealand

Recently, director Niki Caro finished filming live action film Mulan, which is produced by Disney and stars Chinese actress Liu Yifei (Crystal). Mulan is a legendary Chinese female warrior from the Northern and Southern Dynasties period (589 AD) , a brave daughter who takes her general father’s place as leader of his troops when he is killed in the battle. Mulan was an animated hit for Disney in 1998, earned over US $400 million globally. After spending a whole year seeking the right actress to play Mulan, Disney finally casted Liu Yifei in December last year and started shooting the film in August, 2018. The post production is estimated to take another year. The film is set to release in North America on March 27, 2020. Read more on Mtime