Venture capitalists are looking to invest in digital entertainment start-ups following the surging popularity of broadband services in the region, according to Hong Kong Cyberport's Chief Executive, Mr. Nicholas Yang.
In the digital entertainment industry, online gaming, advertising platforms and other media distribution channels present many new business models for start-up companies in Hong Kong, Mr. Yang told reporters. He also cited how the Hong Kong SAR government has singled out the development of digital entertainment as one of its key support initiatives. The potential to reap market dollars from digital entertainment start-ups is evident as well-known venture capitalist IDG earmarked US$450 million for investment in mainland China throughout 2005. By the same token, Mr. Yang cautioned the possibility of over-investment in online gaming due to fierce competition.
Mr. Yang referred to movies as one example in the change of how entertainment is viewed, commenting that there is no longer a need for DVDs when movies can be transmitted direct to the users' home. New start-ups can build on this by digitizing unpublished movie libraries and generating income through online subscription, Mr. Yang further remarked. He also offered encouragement to Hong Kong entrepreneurs, suggesting they should concentrate on building the Hong Kong market of online entertainment as Hong Kong has the world's second highest broadband penetration.
The business of digital entertainment, animation and online gaming will be a focal point in March 2006 at the Hong Kong FILMART, Asia's leading business platform for film, television, multi-media and entertainment. Running for an extended 4-day period, from 20 - 23 March 2006, Hong Kong FILMART will feature its very own Animation & Digital Entertainment Pavilion.
Housing an expected 40 exhibitors, the Animation & Digital Entertainment Pavilion will bring together Asian and international companies specializing in animation, digital entertainment, online gaming and more. To find out more about Hong Kong FILMART or register as an exhibitor/buyer, please visit: www.hkfilmart.com/hkfilmart.
FILMART is also part of the star-studded Entertainment Expo Hong Kong in March of 2006, Asia's multi-media extravaganza. Attracting the very best of international movie stars, directors and industry professionals, Entertainment Expo Hong Kong 2006 will span the period of 20 March - 19 April 2006, amalgamating film, digital entertainment, music and many more exciting programs.
(hkfilmart December 15, 2005)
