Alibaba intends to invest $640 million in the entertainment industry in Hong Kong
“guilty conscience”
Edco Films/Alibaba Pictures
Chinese digital media and entertainment (ADME) conglomerate Alibaba on Monday announced plans to pump $640 million into Hong Kong’s entertainment industry, with the money distributed to films, TV dramas, events and training for the city’s budding artists.
The “Hong Kong Arts and Cultural Industry Revitalization Programme” was launched during the first day of Filmart’s annual industry gathering in Hong Kong, and claims to have connected Alibaba to a slew of major local players, including Edko Films, Media Asia Group, and One Cool Group. , TVB, Shaw Brothers Pictures and Emperor Motion Pictures.
Among the initiatives announced is a plan to fund education through Alibaba Pictures for 20 local directors at the Hong Kong Baptist University Film Academy.
The move was welcomed by the Hong Kong government, which has placed the development of the entertainment industry at the heart of recent promotional and economic policies.
“We eagerly hope that ADME Group will work closely with the Hong Kong film and television industry to develop new ways of cooperation, explore business areas, nurture new talents, and create rich and diverse film and television content, which will bring great value to the industry,” said Kevin Yeung, Minister of Culture, Sports and Tourism of Hong Kong. , in a statement: “Advancing our film and television entertainment industry to the next level.”
ADME’s latest play in the Hong Kong market has been a huge success, with the company co-producing the courtroom drama last year Guilty conscience, the film from debut director Jack Ng which is now the highest-grossing domestic film of all time with an estimated revenue of $14.7 million (HK$115 million). Beijing-based Alibaba Pictures also used Monday’s event to announce that it will open a second headquarters in Hong Kong.
Youku and Alibaba Pictures, both under the DME banner, also announced new projects with partners in Hong Kong, including Youku investing in a second series of the hit local TV drama. Queen of news.
The cash injection plans come as Hong Kong’s film industry is still struggling to return to pre-pandemic box office levels – last year’s $183 million gross was 25 percent lower than in 2019.
Monday’s announcement also came as news emerged in the local financial press that Alibaba Pictures Group Limited had lost 17 percent of its share price over the past 90 days, seeing an estimated loss of about $153 million (HK$1.2 billion). in the last year. The past seven days.
