Sony Eyes Breakthroughs in China's Entertainment Market, VC Says
Peng Haibin
DATE:  Oct 30 2023
/ SOURCE:  Yicai
Sony Eyes Breakthroughs in China's Entertainment Market, VC Says Sony Eyes Breakthroughs in China's Entertainment Market, VC Says

(Yicai) Oct. 30 -- Japan's Sony Group Corporation strives for breakthroughs in China’s entertainment market and is looking forward to doing more than just manufacturing in the neighboring Asian country, according to the vice chairman of the Chinese arm of the electronics conglomerate.

Sony expects China to introduce more policies and measures to support the development of the entertainment industry, Takehito Soeda said during an interview with Yicai a week before the sixth China International Import Expo. Sony can serve as a bridge connecting the whole world, helping more global high-quality cultural products to enter the Chinese market and vice versa, he added.

The annual CIIE will begin on Nov. 5. Some of the highlights to be delivered by Tokyo-headquartered Sony during this year's event are its portable motion capture device Mocopi, used to create avatars, a glasses-free 3D display, and innovative agricultural technologies.

Soeda touched on topics such as opportunities in movies, games, and electronics manufacturing in the huge market during the interview.

Sony Pictures Entertainment, the studio that produced the latest Spiderman: Across the Spider-Verse movie and Venom, announced this month that it will produce an English remake of the popular Chinese film Hi, Mom. Over two decades ago, the American arm of the Japanese conglomerate gave the world the Oscar-winning Crouching Tiger, Hidden Dragon, opening a door to stories out of China.

China's film market is developing rapidly. Even in 2022, a year that was still seriously impacted by the Covid-19 pandemic, the scale of China's film market reached about CNY30 billion (USD219.5 million), ranking second in the world after the United States.

Everyone knows that China is the largest game market in the world, but there is not so much well-known intellectual property regarding Chinese games in the world, Soeda said, adding that many foreign gamers don't even know what kind of games Chinese people play.

Sony launched the China Hero Project in 2016 to help Chinese game developers publish more Playstation games not only in China but also on the global stage. Sony's PlayStation, one of the three major game consoles in the world, is a very good channel for global players to know more about Chinese games, per Soeda.

China is an important part of the global industrial chain, even for Sony. Sony’s electronic product business in China is an indispensable part of its global business, Soeda said, adding that the firm has a local production department and it also purchases parts in the country.

China has a prosperous industrial ecology, providing enterprises with thousands of different parts, and this means that firms can achieve higher manufacturing efficiency and more advantageous production costs in China. Sony values such advantages very much, the vice chairman said.

No matter how the global industrial chain is adjusted, China will still be one of the most important economies in the world and will always play a very important role in the global supply chain without doubt, Soeda said.

Editors: Tang Shihua, Emmi Laine

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Keywords:   Movie,Mobile Game,Global Industry Chain Realignment,China International Import Expo,Sony,China,Sony Pictures,games,electronics