(Yicai Global) July 10 -- Investors are chasing the flourishing pan-entertainment industry that gave birth to a fan economy backed by intellectual property.
Wuhan, in the central Chinese province of Hubei, will create a USD14.7 million (CNY100 million) industry fund to incubate local cultural, creative and pan-entertainment projects, 2017 China-US Culture and Technical Summit Forum participants said.
Selected projects are expected to gain direct access to Hollywood's top production guidance and resources, which will speed up their development and marketization and promote their debut on the global film and television stage. Hollywood may direct assets towards Wuhan as the Chinese city has worked in recent years to develop IP operations and livestreaming in the pan-entertainment industry.
By the end of last year, 72 pan-entertainment enterprises in Wuhan had acquired financing. They made their market entry in mobile marketing and spread to other sectors including gaming, livestreaming, web fiction, animation, e-commerce, life services and transportation. Around 60 percent of the firms are from Wuhan East Lake Hi-Tech Development Zone.
A total of 203 apps from Wuhan, mainly focused on the fields of game and entertainment, e-commerce, social media and health care, form a mobile internet ecological layout, data from Qianfan.analysys.cn shows. There are 13 apps with 1 million active monthly users and 6 that rank among China's top 300 game applications as listed on Analysys.cn. All of them are from the Wuhan East Lake Hi-Tech Development Zone.