China's cultural industry thrives amid flourishing new business models

China's cultural industry is expanding rapidly with flourishing new business models and evolving landscape of cultural consumption.

In 2024, the surveyed 78,000 enterprises in the cultural sector generated a combined revenue of 14.15 trillion yuan (about 1.97 trillion U.S. dollars), up 6 percent from 2023, according to the official data released by the National Bureau of Statistics (NBS) in January.

The emerging consumer scenarios and positive transformations have caught the attention of investors, who are increasingly investing in the potential of the industry.

At Tingyu Technology, an edge cloud service platform based in Beijing, staff members introduced a small device connecting TVs and enabling seamless game-play of complex, high-end computer games without expensive hardware.

Zhu Bin, the founder, explained that this cloud service has gained immense popularity since its launch, and many car owners even use it for gaming on smart vehicles, while hotels have integrated the technology to offer themed movie services and gaming rooms.

"Our goal is to provide users with uninterrupted gaming experiences anytime, anywhere, on any device, in any setting. In the beginning, our clients were primarily internet companies, but now, malls, hotels, electric vehicle manufacturers, and smart home appliance producers are seeking collaborations to expand the application scenarios for more content," said Zhu.

Thanks to the innovative applications of cloud services, Zhu revealed that his company's valuation surged by an additional 30 percent in its latest financing round, exceeding initial expectations by over double.

Beyond cloud services, technologies including artificial intelligence and virtual reality are integrated into the cultural industry, giving rise to new products including immersive exhibitions, virtual livestreamers and digital collections, and leading to continuous revenue growth for cultural enterprises.

"We are witnessing an influx of cultural products with enhanced convenience, immersion, and interactivity, prompting consumers to be more willing to pay for such experiences. This growth not only creates new investment opportunities but also broadens the ways in which capital gains profits, driving the upgrading of cultural products and fostering a virtuous cycle to further expand the cultural industry market," said Cai Shangwei, director of the cultural industry research center at Sichuan University.

Meanwhile, a range of new businesses such as international copyright transactions and cross-border content operations have emerged in recent years while China's cultural industry exploring the international markets.

"Many companies in cultural industry have made 'going abroad' a crucial strategy, with a focus on areas including online literature, cultural art exhibitions and creative design, particularly targeting markets in Southeast Asia and Europe. The global appeal of Chinese culture continues to strengthen, supported by cultural exchanges among governments, paving the way for overseas expansion of the cultural industry. We believe that Chinese companies will usher in more growth opportunities in the cultural industry in the future," said Yang Ning, general manager of the market research department of Xinyuan Asset Management.

China's cultural industry thrives amid flourishing new business models

Cubans are navigating lengthening blackouts and longer lines for fueling as the United States moves to cut all oil shipments to the Caribbean country.

On Friday, the U.S. government formally announced its threat to impose tariffs on goods exported to the United States from countries that supply oil to Cuba, a move that marks a further escalation of U.S. economic blockade against the island country.

At a gas station in Havana, the line stretches nearly 700 meters, with drivers saying that they began queuing the night before in hopes of securing some gasoline.

"I've been in line since last night, just to see if I can get any fuel. The line stretches through four or five blocks," said Yadier Lorenzo, a local resident.

Fuel shortage has severely affected electricity supplies nationwide. Power outages have become more frequent, which also disrupt internet access and water services, further straining daily life and economic productivity.

"Sometimes we have fuel but no electricity, or electricity but no internet. It's a complicated situation," said Cristian Caballero, another Havana resident.

"In just the past week, we've had about 26 hours of blackouts," said Fernando Blanco, a resident.

Facing the difficult time, many Cubans said they will not be defeated by the United States.

"The U.S. blockade is hurting ordinary Cubans. We can't use public transport, we generate less electricity, and fuel is vanishing. Everything is reduced. It's simply inhumane," said Mayra, a local resident.

"What the United States is doing to the Cuban people has serious consequences. They want to destroy us, children, the elderly, everyone. But we will find ways to move forward," said Evidio Aliaga, another resident.

While U.S. officials claim to support "freedom for the Cuban people," their actions have only made daily survival increasingly difficult for ordinary Cubans.

To offer relief, Mexico announced on Sunday that it will send humanitarian aid to Cuba, including food and basic supplies.

Mexican President Claudia Sheinbaum said the shipments will be handled by the Mexican navy.

Discussions on whether to include oil in the aid package are underway via diplomatic channels.

Cubans struggle with blackouts, fuel shortage amid mounting US pressure