Digitalized cultural biz accelerating in GBA

New cultural formats characterized by digitalization, networking and artificial intelligence, are propelling the cultural industry of the Guangdong-Hong Kong-Macao Greater Bay Area onto a rapid growth trajectory, said industrial insiders.

"Integration of cutting-edge technologies such as AI has helped continuously expand the boundaries of the cultural sector in the GBA," said Tao Feng, dean of the institute of industrial economics at Jinan University.

Tao made the remarks when delivering a report on the cultural industrial development of the GBA during a three-day cultural investment conference, which opened in Guangzhou, Guangdong province, on Wednesday.

The conference, with participating representatives from over 100 investment institutions, 40 listed companies and over 100 unicorns and cultural and technological innovation companies, introduced a series of cultural investment projects and released a number of high-quality cultural industry research results.

Focusing on the mutual promotion of cultural industry and technology, the event also showcased a batch of cutting-edge cultural technology achievements with independent intellectual property and application scenarios.

According to the report on the GBA's cultural development, the cultural industry in the area has grown significantly over the past few years, with particularly robust development in new business models.

Cultural investment and financing in the GBA also show signs of great vitality, with the total financing amount for the cultural industry reaching approximately 52.8 billion yuan ($7.3 billion) over the past five years.

"The cultural industry of the GBA, with its massive scale and sustained growth momentum, has become a significant growth pole for the national cultural industry," said Tao.

Guangdong has reported an annual growth rate of more than 10 percent in the cultural industry in the past 20 years, with the sector's revenue exceeding 2.24 trillion yuan in 2023.

Citing the world's first transtemporal participatory museum, a collaborative work by technology giant Tencent and Dunhuang Academy to recreate historical scenes of over 60,000 precious artifacts, Tao said the interaction and integration across multiple fields are driving the cultural industry towards intelligent and integrated development in the GBA.

Creating fine works characterized by traditional Chinese culture has also become a trend for local companies, according to Yan Bing, vice-president of Winsing Animation.

"As an animation company rooted in the field of original IP, we are committed to promoting the creative transformation and innovative development of China's outstanding traditional culture, allowing young users worldwide to experience the essence of Chinese culture," said Yan.

The company, based in Guangzhou, released its latest anime movie — One Last Fly — during the cultural investment event.