The Chinese box office just keeps on growing, and everyone seems to want a piece of the action. Now tech giants like Alibaba and Tencent are entering the ring, with massive investment both at home and abroad.
Are they just looking for a quick buck? Or will this have wider implications for the whole industry? We'll be putting these questions to our panel in just a moment, but first take a look at this.
Breaking records. Business is booming at the Chinese box office. With $6.3 billion in ticket sales so far, up 48 percent on last year, China has consolidated it's position as the no. 2 movie market in the world.
But now a new force is looking to enter the game. Internet giants like Alibaba and Tencent have begun throwing huge amounts of money into movie projects. As they raise their stakes in major entertainment companies, the industry is buzzing over their intentions.
As pre investments it already seems to be paying off: Tencent financed mega-hit Monster Hunt which became China's highest-grossing film ever. September even saw the company launch its own studio, Penguin Pictures, with plans to churn out 10 to 15 movies every year and produce a host of internet dramas. That includes one based on the popular legend, Adventures of Three Tomb Raiders.
Alibaba also launched its own film wing this year, Alibaba Pictures Group. They've been targeting the international scene, acquiring a major stake in summer hit Mission Impossible: Rogue Nation. South Korean movie Real is another investment they're hoping will leave a mark on the global film scene.
Meanwhile Baidu is pioneering its own iQiyi streaming platform – which also serves as a hub for crowdfunding movies. They've also gained major stakes in movie theaters themselves, along with film and TV production studios. Their next project, a 3D Monkey King feature with a 40 million dollar budget.
Tech companies are hoping to create synergy between the movie business and their existing platforms. At the end of the day, movies are a business, but it remains to be seen what impact the growing influence of tech company money will have on the future course of this booming industry.
