ALC Webinar: Digital Millennials Innovate the Chinese Entertainment Industry
The Chinese entertainment industry experts such as Yin Xiangjin (WandaMedia CEO), Zheng Yui (general manager and music director of Warner Music China), and Zhang Yucheng (founder of Stella Pictures) said, “The younger generation’s Internet consumption increased, the existing entertainment industry collapsed rapidly, but the overall share in the market grew”. It can be said that COVID-19 rather fueled innovation in the entertainment industry.
They participated in the Asian Leadership Conference (ALC) online seminar planned and prepared by The Chosun Ilbo along with blintn, a global content rights platform based in Korea.
“Thanks to the online and mobile business, we were able to overcome the limitations of offline business that was stalled by the pandemic.”, said Zheong Yui. He focused on the growth potential of the market that the younger generation had changed. He mentioned that it is necessary to pay attention to the younger generation born after the 2000s because their entertainment consumption directly reflects the global market trend which gives the potential to the Chinese music industry, which was once disconnected from the global music industry, to attract attention internationally.
Zhang Yucheng predicted that it would be important to preoccupy ‘short form content’, which refers to short videos within 10 minutes, in order to lead the market. Content that consumers can enjoy anytime, anywhere using mobile devices will become the next trend. He mentioned how TikTok’s business scaled up to 178% compared to 2018. It is expected that the scale will continue to expand, and many video platforms are actively participating in the ‘short form content’ battlefield.
Yin Xiangjin commented that it is most crucial to produced customized content for viewers
for the Chinese film industry to grow. She mentioned that just as every large studio in Hollywood has its own style of the film, the leading film companies in China should find their own production style in the future as well. The main point of the ‘unique style’ is clear targeting, that is, the audience setting. She said that Wanda Cinema currently targets a wide range of viewers by providing a variety of content including elements such as a genre that combines comedy and detectives, a genre of suspense crime, a series for office workers in cities, webtoon drama series, and many more. She added that we need to stably present various genres and series to viewers in order to increase the influence of Chinese cultural content overseas.
Zhang Yucheng analyzed that the pandemic was an opportunity to reorganize the industry. He mentioned that when COVID-19 spread at the beginning of last year, the industry suffered great losses, such as suspension of filming, but as the spreading trend decreased, it has become a rather good opportunity. He elaborated that the scale of China’s film and TV entertainment industry increased by 63.4% compared to last year and dramas and variety shows increased by 15.2%, analyzing that the consumption of entertainment contents in China continued to grow. He explained that the reason behind such development is that the change in how people view films or movies and how contents are becoming digital.