Media is changing, and it is time for better quality
Academics and industry watchers called for high-quality cultural and creative works at the China Media Industry Innovation Practice Summit Forum held by the Journalism School of Fudan University and Hong Kong-listed comprehensive financial services Far East Horizon Ltd.
Shanghai Cultural and Creative Industry Promotion Office Deputy Director Qiang Ying encouraged content producers to embrace international standards as well as local cultural traditions.
Multi-level participation from investors is essential for the development, while strong leadership and entrepreneurship is also necessary, he said.
A joint 5G media lab for multimedia formats was unveiled on Saturday morning between the Fudan University Journalism School and the Communist Party of China Yangpu District Committee to push forward technology integration in media production and distribution.
The event was part of the journalism school's 90th anniversary celebration.
CMC Capital Partners and CMC Inc chairman and CEO Li Ruigang, who’s also an alumni of the Fudan University Journalism School, said venture capital investment logic is generally contrary to that of the content production business, which requires mid- to long-term investment.
As a venture capital firm, two thirds of investment from CMC Capital Partners now goes to technology firms that offer higher value and return on investment.
CMC Inc will instead put more focus on long-term projects which require internal management mechanisms to help them compete globally.
He also called on media companies and content producers to beef up internal management, targeting at providing the highest level of content to stand out among their counterparts.
“Only in this way, can content producers ride the latest technology trends and charge a premium for advertisers and readers,” he said.
Zhan Jing, general manager of the consumer and livelihood business unit at Far East Horizon, said although China is shifting to a new development model, it still lacks high-quality productions especially on a global level.