Chinese giant Alibaba Digital Media and Entertainment Group (ADME) on Monday announced plans to inject $640 million into Hong Kong's entertainment industry, with the funds to invest in movies, TV dramas, events, Hong Kong The event will be distributed to training of up-and-coming artists.
The Hong Kong Culture and Arts Industry Revitalization Program was launched on the first day of Hong Kong's annual film arts industry gathering, with Alibaba partnering with a number of local businesses including Edco Films, Media Asia Group and One Cool Group. It claims to have partnered with a major company. , TVB, Shaw Brothers Pictures, Emperor Motion Pictures.
Among the initiatives announced was a plan to provide educational funding to 20 local filmmakers at the Hong Kong Baptist University Film Academy through Alibaba Pictures.
The move was welcomed by the Hong Kong government, which has put the development of the entertainment industry at the center of recent encouragement and economic policies.
“We hope that ADME Group will work more closely with the Hong Kong film and television industry to develop new forms of cooperation, explore business areas, cultivate new talent, and develop a rich and diverse portfolio of films and television. We are keen to create content that will take our film and television entertainment industry to the next level,” Hong Kong's Culture, Sports and Tourism Secretary Kevin Yong said in a statement.
ADME's latest play in the Hong Kong market was a huge success, and the company co-produced last year's courtroom drama consciousness of guilt, directed by first-time director Jack Ng, has now grossed an estimated $14.7 million (HK$115 million), making it the highest-grossing local film of all time. Beijing-based Alibaba Pictures also used Monday's event to announce the opening of a second headquarters in Hong Kong.
Youku and Alibaba Pictures, both owned by DME, also announced new projects with partners in Hong Kong. This includes Youku's investment in the second series of a popular local TV drama. queen of news.
The cash injection plan comes as Hong Kong's film industry is still struggling to return to pre-pandemic box office levels, with last year's total of $183 million still 25% lower than in 2019. %is decreasing.
Monday's announcement also follows news that Alibaba Pictures Group Limited has seen its share price fall 17% in the past 90 days, witnessing an estimated loss in value of about $153 million (HK$1.2 billion) in this year's financial crisis. The event was held amidst coverage in local economic newspapers. Past 7 days.