Tencent Aims To Make China The World's Biggest Movie Market
Tencent Holdings is reportedly now making big plans to take advantage of Asia's largely untapped movie market. Through its subsidiary, Tencent Pictures, the Chinese conglomerate is apparently making massive strategic moves with plans to churn out more than 100 movies and television shows in the next three to five years.
Tencent apparently expects China's movie industry to become the world's largest movie market in the coming years.
According to Tencent's vice president, Edward Cheng, part of the company's strategy will be to use its expertise involving big data.
Tencent will apparently use big data such as movie viewer's profiles and behavior to predict possible viewing preferences and requirements. The company also plans to use data gathered from social media platforms to make strategic decisions.
Tencent plans to leverage its access to social media platforms to promote its own content. Cheng believes that China's movie industry is still very young and largely untapped. The executive feels that there is still a lot of potential in the industry and that it could very well overtake western markets very soon.
The Motion Picture Association of America, a group represented by five major film studios in Hollywood, acknowledged that China's film market could overtake the United States very soon. China's is rapidly moving forward with the enhancement and development of its studios and cinemas, with an estimated 25 cinemas being built around the country every day.
Foreign studios have so far been finding it difficult to penetrate the Asian markets. One of the most difficult factors that hinder western studios has been the fast-paced trends amongst audiences in China. There is also the fact that Chinese audiences have different geographical and cultural backgrounds, which significantly affect their tastes and preferences.
Tencent will likely have an easier time conquering these obstacles given its domestic reach and deep access to the country's social media platforms.
The tech giant plans to use big data to get an insight into what will be the best topics and ideas to bring to production. This insight will also play a big role in the methods that will be used for content distribution and marketing. According to the company, these types of data can be gathered through audience data on its platforms such as WeChat and QQ.
The company plans to use algorithms within these platforms to make recommendations based on user feedback from posts, comments, and targeted online surveys.
Based on what it has already gathered, Tencent plans to make films based on six key themes. This will include patriotic-themed movies, films based on internet literature, and movies based on local comics.