BEIJING, Dec. 10, 2019 /PRNewswire/ -- Maoyan Movies, a subsidiary of Maoyan Entertainment ("Maoyan" or "the Company") (Hong Kong: 1896), believes that consolidation in China's movie industry will create real valuable platform companies over the next five to 10 years.
"There are still no real platform movie companies in China, like the 'Big Six' of Hollywood," said Maoyan Entertainment Chief Operating Officer Kang Li during the movie industry "Power Chart 2020" event on Sunday. "With industry consolidation over the next five to 10 years, China will create real valuable movie companies."
After years of explosive growth, China's movie industry has entered into a new stage of steady development. "With industry transformation, it is critical for movie companies to improve their capabilities for high-quality content production in a bid to achieve long-term growth," Kang added. "A company should have long-term goals and direction, not simply fast growth."
Kang reviewed Maoyan's six-year history. From 2013 to 2016, Maoyan focused on developing its online ticketing business. From 2016 to this year, Maoyan gave priority to movie distribution, promotion and investment. Maoyan has become China's largest online ticketing platform and one of the largest lead distributors for domestic movies.
"Our goal is to become one of China's 'Big Six' movie companies by leveraging our resources, capital and experience," said Kang.
China's box office reached the RMB60 billion (US$8.57 billion) milestone on December 6, 24 days earlier than last year. Among the top 10 movies so far this year, eight were Chinese films and only two were imported, including "Avengers: Endgame" (No.3, RMB4.24 billion) and "Fast & Furious Presents: Hobbs & Shaw" (No.10, RMB1.43 billion).
"Chinese movies are grabbing a higher percentage of domestic box office revenues, which will create more opportunities for China's movie industry," Kang said. "Meanwhile, successful blockbusters are seizing a much larger share at the box office. This poses higher requirements for content creators to produce more high-quality movies."
"No good movies will be buried in the market," Kang added. "They will prove themselves with the box office, or win awards and good word-of-mouth."
About Maoyan Entertainment
Maoyan Entertainment (Hong Kong: 1896) is a leading platform providing innovative Internet-empowered entertainment services in China. Since its inception, Maoyan has grown from an online movie ticketing service provider to an innovative one-stop platform for entertainment services. Maoyan has a comprehensive strategy to become a leading platform servicing the entire entertainment industry in China. The upgraded strategy is supported by five key platform pillars: online ticketing platform, products and services platform, data platform, marketing platform, and funding platform.
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