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
