Meet the golden age of the entertainment business
January 2014 (Volume II)
BY / William Chou and Iris Li
China’s cultural industry is booming thanks to the rapid rise in China's average national income, and the population's growing demand for cultural and entertainment products. At the same time the governments in Chinese Mainland, Hong Kong and Taiwan are taking measures to boost the local cultural industry. The Plan for the Promotion of Cultural Industry passed by the State Council in 2009 defined the cultural industry as a national strategic industry. In Hong Kong, the cultural industry has been included among the six most competitive industries by the SAR government. The ambition of the government in Taiwan to transform itself into the center of cultural and creative industry in Asia Pacific region is similarly clearly indicated in the Plan to Develop the Cultural and Creative Industry. These have laid a foundation for further cooperation and development opportunities between the Chinese Mainland, Hong Kong and Taiwan.
I. The cultural industry in the Chinese Mainland, Hong Kong and Taiwan Meet the Golden Age of Entertainment Business.
Deloitte's survey on the segmented cultural markets found that movie and television, computer gaming and advertising industries have been growing fast in all three regions and the cultural industry as a whole is showing an upward trend in the Chinese Mainland (see Figure 1). The cultural markets in both Hong Kong and Taiwan have resumed growth fuelled by the recovering economy. Hong Kong and Taiwan are expected to maintain a steady growth in culture-related consumption as both passed the USD 12,500 per capita GDP threshold some time ago and are defined as high-income economies with a high level of cultural consumption. Their influence is expected to continue radiating to their surrounding markets. Both are targeting to export their cultural products to the Mainland as one of the promising markets in the future.
Deloitte China Audit Partner / National Technology, Media & Telecommunications Industry Managing Partner
Deloitte China Research & Insight Centre Manager / Technology, Media & Telecommunications Industry Researcher
Table of content