Investors turn to live performance sector amid film market slowdown

2016-09-12 07:02:50 GMT2016-09-12 15:02:50(Beijing Time) Agencies

With the Chinese film market experiencing a slowdown this summer, live performances including dramas, comedies and concerts, are likely to become China's next dark horse when it comes to rapid growth, Tang Xiaoming - chairman of We Capital, a cultural investment startup - said on Thursday in Beijing at the company's first press conference.

According to Tang, skyrocketing housing prices are one of the several factors behind the mainland film market's box-office slowdown.

"People have had to cut spending," Tang explained at the conference.

With this film market slowdown, the live performance market is looking even more attractive to investors, including We Capital, Tang pointed out.

"We will shift our investment from movies studios and directors to live performances, which I think will be a sector of hope," he said.

We Capital, a subsidiary of online ticket seller Beijing Weiying Technology, is well-known for its investments in and acquisitions of film and TV studios, talent agencies, and film distributors in China, as well as international entertainment companies.

In early June, We Capital closed a $55 million investment deal with South Korea's top entertainment company YG Entertainment, home to leading artists such as "Gangnam Style" rapper Psy, 1TYM and BIGBANG, for a 8.2 percent stake in the company.

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