Alibaba’s media arm to invest HK$5 billion in Hong Kong’s entertainment sector over 5 years
Hong Kong Free Press
Chinese multinational technology giant Alibaba has pledged to inject HK$5 billion into Hong Kong’s entertainment sector to finance promotion to an international audience.
Hong Kong-made television dramas, films, events and training of young creatives will receive funding from video platform Youku, Alibaba Pictures and other businesses under the media arm of Alibaba, the company announced on Monday.
The five-year project, dubbed the “Hong Kong Cultural and Art Industry Revitalisation Program,” would concentrate on film production and distribution, rights acquisitions and television series production, a government statement read.
Unveiled during the Hong Kong International Film and TV Market exhibition, the programme would also offer investments in concerts, collaboration with performance venues, and talent development.
The company would collaborate with film and television companies in Hong Kong to co-produce films, as well as television series for streaming platforms. Alibaba said Youku would support the production of a sequel to the popular newsroom drama “The QUEEN of News” by broadcaster TVB.
Secretary for Culture, Sports and Tourism Kevin Yeung, who officiated Monday’s press conference, said the government hoped that the investment plan would bring the city’s film and television entertainment sector “to the next level.”
“We eagerly hope that [Alibaba Digital Media and Entertainment Group] will work more closely with the film and TV industry of Hong Kong to develop new modes of co-operation and explore business areas, to nurture new talent, and to create rich and diversified content for film and TV,” an English statement by Yeung read.
Last October, Chief Executive John Lee pledged during his Policy Address to help the industry draw capital from the private sector and expand new markets by injecting HK$4.3 billion to the Film Development Fund and the CreateSmart Initiative. The government also vowed to earmark HK$200 million to finance 20 local film projects to boost their chances of being released in mainland China.
Kenny Ng, associate professor of the Academy of Film of the Hong Kong Baptist University told HKFP at the time that the new scheme may be more attractive to filmmakers who were already familiar with the complicated procedures of getting a green light from mainland Chinese authorities for a film to be released.
Those who were not familiar with the rules may need to rely heavily on middlemen, the scholar said.
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