Alibaba, the renowned e-commerce and entertainment conglomerate from China, has made a groundbreaking announcement. They have committed HK$5 billion ($640 million) over the next five years to the development of Hong Kong’s film and TV industries.
A Major Boost for Hong Kong’s Entertainment Industry
This exciting move was unveiled on the first day of FilMart, the prestigious annual rights market for the Asian entertainment industry. The event was attended by Fan Luyuan, chairman and CEO of Alibaba’s digital media and entertainment unit, along with Kevin Yeung, the Secretary for Culture, Sports, and Tourism of the Hong Kong government.
Alibaba’s Hong Kong Cultural and Art Industry Revitalization Program will encompass various aspects such as film production and distribution, rights acquisitions, TV series production, investments in concerts, collaboration with performance venues, and talent development. The program also aims to collaborate with leading local film and TV companies to produce films for cinemas, TV dramas, and dramas for streaming platforms.
A Strong Partnership with Hong Kong
Kevin Yeung, in his statement, expressed his belief that Alibaba’s digital media and entertainment unit will make Hong Kong its second headquarters. Meanwhile, Alibaba Pictures, a subsidiary of Alibaba that includes various media assets (excluding the Youku streaming platform), is already listed on the Hong Kong stock market.
It is anticipated that Alibaba will forge partnerships with several Hong Kong companies at FilMart. This visionary plan is a collaboration between Alibaba’s digital media and entertainment unit and prominent Hong Kong firms, including Edko Films, BenXiaoHai Media, Mandarin Motion Pictures, Huanxi Media Group, Media Asia Group, Universe Entertainment and Culture Group, Meiya Entertainment, One Cool Group, TVB, Shaw Brothers Pictures, and Emperor Motion Pictures.
Supporting Filmmakers and the Film Industry
As part of their commitment to the growth of the film industry, Alibaba will fund scholarships for 20 filmmakers studying at the Hong Kong Baptist University’s Academy of Film.
A significant portion of Alibaba’s HK$5 billion investment has already been allocated to various projects. Youku, one of Alibaba’s subsidiaries, is supporting TV dramas such as “Forensic Heroes VI: Redemption,” “The Heir to the Throne,” “Darkside of the Moon,” “Prism Breaker,” “Fearless,” “Dark Chase,” “Behind the Queen of Yarn,” and “Golden Era.”
Moreover, Hong Kong feature film projects that will benefit from Alibaba Pictures’ financing include “The Trier of Fact,” “The Last Dance” (both from One Cool Film), “Customs Frontline,” “In the Light of Dark,” “Behind the Scene,” “Invincible Swordsman,” “Without Remorse,” “Endless Battle 2,” “The Grey Men 2,” and “My Date With A Vampire.”
A Bright Future for Hong Kong’s Film Industry
Alibaba’s investment in Jack Ng’s 2023 courtroom drama film “A Guilty Conscience” had previously established a remarkable milestone by becoming Hong Kong’s highest-grossing Chinese-language movie of all time. Now, Alibaba Pictures’ president, Jie Li, emphasizes the importance of having filmmakers deeply rooted in Hong Kong’s culture and possessing a blend of eastern aesthetics and international perspectives in order to maintain the city’s distinctive competitiveness in the global motion picture market.
Ying Xie, the vice president of Youku, adds that this commitment to supporting a new generation of Hong Kong actors will provide greater opportunities for young talent to thrive in Mainland China while preserving and perpetuating Hong Kong’s unique pop culture.
With Alibaba’s substantial investment and their dedication to nurturing the film and TV industries in Hong Kong, the future looks tremendously promising for this vibrant and iconic city.
To learn more about this exciting development, visit the F5 Magazine website.
Source: Variety