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China's Film Industry – a New Era Contents China's Film Industry – a New Era Contents Introduction 1 Trend One: From Bigger to Biggest 2 Trend Two: From "Made in China" to "Made for the World" 3 Trend Three: From "non-intelligent" to "Intelligent" 5 Trend Four: From "Highly Concentrated" to "Diversified" 7 Trend Five: From "Long Tail" to "Thick Tail" 10 Trend Six: From "single IP" to "IP franchises" 12 Trend Seven: From "non-Conforming" to "Standardization" 13 China's Film Industry – a New Era | Introduction Introduction China's culture and entertainment These "new giants", backed by vast industry has entered into an user base and channel advantages, unprecedented "golden age". With are eroding the influence of box office revenue of RMB44 billion "traditional giants". Faced with in 2015, China is the fastest growing a rapidly evolving situation both film market in the world. By 2020, inside and outside of the industry, China's box office is expected to reach "traditional giants" have sensed the RMB200 billion and will exceed North urgency for change. To "traditional America as the world's largest market giants" in the culture industry, in box office revenue and audience Internet Plus-based transformation numbers. and comprehensive industry chain restructure have become common Driven by policy, Internet, and trends. For example, with Disney as its capital, "new giants" are emerging. model, Huayi Brothers has launched a In particular, Internet companies, led "de-cinematic" strategy that integrates by BAT, and real estate developers the traditional film business, Internet such as Wanda, have used resource entertainment, and location-based advantages to gradually penetrate entertainment, and expands into the entertainment industry and upstream and downstream industry build an ecosystem. For instance, chains to alleviate dependence on the Wanda Group, a Chinese property film industry. developer, has merged its culture and property resources, taking advantage In the next five years, China's culture of its commercial property to build and entertainment industry is on track movie theatres, and expanded into for speedy development. Mainstream the upstream film industry with forms of entertainment such as film, its channel advantage. Since its online videos, and TV will experience acquisition of AMC Entertainment prosperous development; competition Holdings Inc. (AMC), Wanda Group between "new giants" and "old giants" has become the largest cinema will become fiercer; cross-industry chain operator in the world. In early cooperation and competition will 2015, Wanda Cinema was listed on continuously come into play, the the SME Board of the Shenzhen industry chain will be shuffled and Stock Exchange, and became the transformed, and opportunities first cinema chain stock to list on the and challenges will co-exist. The domestic stock market. culture and entertainment industry is ushering in a new era, and the film industry should witness the following seven key trends. 1 China's Film Industry – a New Era | Irend One: From Bigger to Biggest Trend One: From Bigger to Biggest 1.1 China's box office revenue TV, and Internet) has grown rapidly, film export, due to cultural differences and number of movie-goers are providing important support for the between China and foreign countries, expected to surpass North America continuous expansion of China's film legal considerations, and other factors, by 2020 consumption. Regarding film and only mild growth is expected, with little The size of China's film industry theater investment, investment in impact on the industry as a whole. is made up of three parts: film new theaters is expected to stabilize, According to Deloitte's forecast, by consumption, film and theater and the extensive operation model 2020, China's film industry will see investment, and film export. On the will be replaced with an intensive one. further expansion, with revenue film consumption front, China's film Moreover, against the backdrop of reaching RMB200 billion. By then, industry maintained rapid growth, with theaters overflow and high costs in China will overtake North America combined revenue of RMB66 billion1 first-tier cities, steady expansion into in box office revenue and number in 2014. In recent years, revenue second, third, and fourth-tier cities will of movie-goers, and will become the generated from non-box office, film be rewarded with better returns. For largest film market in the world. copyright, and advertising (theaters, Figure: China's film industry market size forecast (2014-2020)2 RMB200 plus billion by 2020 RMB66 billion in 2014 27% Film IP (3%, 0.3) Film consumption Advertising (9%, 1) 36% 139% Renovation/ expansion (6%, 0.68) New theater investment Theater and Non-theater (17%, 1.92) movie investment Film investment investment (2%, 0.19) (8.6%, 0.95) Film export (2.7%, 0.3) Film export 1 ENT Group 2 ENT Group, Deloitte Projection 2 China's Film Industry – a New Era | Trend Two: From "Made in China" to "Made for the World" Trend Two: From "Made in China" to "Made for the World" 2.1 Co-productions should enjoy access to China. At present, half of revenue. In the first quarter of 2015, favorable status, resulting "win- countries listed as top 10 international co-productions contributed ~60 win" for China and its foreign box office markets have signed co- percent of total box office revenue. counterparts production agreements with China, Co-productions can achieve "win-win" In the past, the scale of China's and the number of co-productions outcomes because co-produced films investment in the foreign film market has increased to some extent. Though is considered as "Made in China" and and China's film exports were co-productions only accounted for a enjoy the same treatment as domestic unsatisfactory. However, in recent small proportion of the total number ones. Compared to imported films, co- years, as China has become the world's of productions in the Chinese film productions enjoy better distribution, second largest box office market, an market, they contributed a significant revenue sharing percentage, and influx of foreign investors and film percentage of total box office revenue. policies. Nonetheless, co-productions producers have shown willingness to In 2014, co-productions accounted are still faced with many challenges cooperate with China. Co-productions for 6 percent of total productions such as copyright ownership, cultural are a way for China's films enter screened in China, but contributed differences, and different work styles. global and for foreign films to gain around 50 percent of total box office Figure: Box office contributions by nations/regions (2015 Q1, Top five)3 HK 42.6% U.S. 37.8% France 10.8% South Korea 5.7% 54% contribution U.K. 3.0% 0% 10% 20% 30% 40% 50% 3 China's Film Industry – a New Era | Trend Two: From "Made in China" to "Made for the World" 2.2 Co-productions for the global almost all of its actors were Chinese. market Western resources were mainly used Currently, most co-productions are for content creation, such as direction, targeted at the Chinese market. Wolf and Chinese-foreign diversified capital Totem, released in early 2015, was support. This film had great success in a China-France co-production. The the Chinese market, earning RMB700 movie used many Chinese elements, its million at the box office in 35 days. main scenes were shot in China, and Figure: Co-productions for global market4 Co-productions for global market Chinese productions for Chinese market However, achieving success in the market is the ultimate goal for Chinese Chinese market is not the ultimate goal. films. With co-productions becoming For instance, Fast and Furious 7, screened more mature and cooperation growing in 2015, was not only targeted at the deepener, there will be an expanded Chinese market but also the global co-production market, thus fueling market. It leveraged the best resources the co-production trend and achieving in the world, received investment from success for Chinese film in the global global investment platforms and made market. RMB2 billion in its first 15 days. Like this movie, achieving success in the global 3 ENT Group 4 Deloitte Analysis 4 China's Film Industry – a New Era | Trend Three: From "non-intelligent" to "Intelligent" Trend Three: From "non-intelligent" to "Intelligent" 3.1 Big data will be used to drive Tencent Pictures, iQiYi Films, and Baidu decision optimization and profit Pictures, are all entering the movie growth business. Traditional film companies At present, the utilization of Internet are also actively responding to this and big data has impacted the whole situation. For example, Shanghai film industry chain including IP, New Culture Media (listed on the production, marketing and promotion, A-share market) along with others all distribution, and ticket sales. Among announced private placement and these, Internet giants invested investment plans on Internet and big continuously in the film industry, data technologies, with a total amount and Internet film companies such as of over several billion yuan. Figure: Impact of Internet and big data technologies on the value chain of the film industry5 • Crowd funding: consumers invest and influence production. • Innovation: Using online ticket sales, Production • Internet IP: emergence of Internet IP. Turns to Distribution analyze customer distribution and • Social network: fans actively participate Data-driven film popularity to improve distribution customer-focused in decision-making process. efficiency and resource use efficiency. • Big data: precise estimation of box office revenue. Marketing New media-driven "New media" • Video: play trailer, launch promotion du • Online: precise marketing, B improve sense of participation "Internet Plus" Theater Online Data-driven • Big data • Social networks • More power: • Online seat reservation: online ticket • Crowd funding consumers enjoy sales surpass offline ones; make • Internet IP greater voice. User shooting decisions based on ticket sales data; increase attendance.
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