(Yicai Global) March 15 -- China's pan-entertainment industry generated value of CNY548 billion (USD87 billion) last year, up 32 percent per year, making up over 20 percent of the digital economy and becoming one of its main pillars and a major growth driver for the new economy.
China's industry and information technology ministry (MIIT) revealed the above data in a report on the pan-entertainment field it released yesterday. Pan-entertainment, which consists of online literature, film and television, animation, music and game, saw further development last year, the report indicates. New business types such as online streaming and short videos also grew rapidly, chinanews.com reported.
The sector is becoming more mature, with competition shifting from single companies to corporate ecosystems, the report also noted. Leading companies' operating ecosystems have emerged, such as Tencent Holdings Ltd., Baidu Inc., Alibaba Group Holding Ltd. and Netease Inc.
Intellectual property presents an apt example, with high-level synergy in developing flagship intellectual property now a mainstream trend in the sector, and business forms such as literature, animation, film and television, game, music and entertainment shows starting to cooperate during their incubation period by combining funds, contents, promotions and by-products.
Blockchain will exert a far-reaching impact on the pan-entertainment industry by transforming models such as how digital copyrights are traded, revenue is distributed, and users pay fees, and establishing a value-sharing platform encompassing copyright owners, producers, distributors and users, the report advised.