(Yicai Global) March 13 -- Shanghai Media Group, also known as SMG, China's second-largest media conglomerate, signed a cooperation agreement with Shanghai's Jing'an district government to build a Hollywood-style industrial film and media cluster integrating filming, production and distribution of film and television programs in downtown area.
It is the first major project since Shanghai municipal government's introduction of 50 policy recommendations to support creative and cultural industries in the city. With a total construction area of 300,000 square meters, "Jing'an Pearl Movie and Television City" project will set up a core cluster area, including studios, post-production houses and supporting facilities, which will be on par with Hollywood film industry standards. The studio city is anticipated to start the construction next year, with trial operations expected to commence in 2022.
The project will focus on three major industries, namely, film and television, digital content and creative design, while combining Shanghai's geographical advantage to provide financial and public services to help develop leisure and cultural tourism. It will build the most technologically advanced and most forward-looking film and television industry complex in Shanghai.
SMG has maintained a good cooperative relationship with Jing'an government for a long time. Previously, both parties have set up joint projects such as Jing'an Circus World, Modern Drama Valley and Jiangning Road Cultural Street. Jing'an District government will support the new project through capital subsidies and favorable policies on talent introduction.
Three years after the project is completed, the Studio City project plans to introduce nearly 100 SMG-owned and related film and television and game industry companies and strategic cooperation firms to produce a batch of influential film and television works.
As a top-class new culture and media group in China, SMG has a wide range of media communication and brand influence. After many years of experience and resource advantages in the entertainment and film and television industries, SMG is well-positioned to help build Shanghai into a global film and video creation center with global influence.
"This will be a world-class, professional-level film and television content production cluster. The resources and capabilities that SMG has accumulated over the years in the field of film and television entertainment will continue to drive project development," said SMG Chairman Wang Jianjun.
Shanghai municipal government unveiled a new set of industrial development policies known as 50 measures on cultural and creative industries last December to promote the development of such industries as film and television, entertainment, animation games, cyberculture and creative design. Shanghai projects the added value of cultural and creative industries to account for nearly 15 percent of the city's gross domestic product in the future and plans to establish a cultural and creative industry center with international influence by 2035.