Headlines from China: Listed Media Giant Sells A Painting to Survive

0
32

 Listed Media Giant Sells A Painting to Survive

Hunan CATV Network Group(湖南省有限电视网络(集团)股份有限公司), the subsidiary of Hunan Broadcasting System(湖南广播影视集团), sold “The Foolish Old Man Moves a Mountain” by the Chinese modern art pioneer Xu Beihong at the astronomical price of 2.09 billion RMB (0.3 billion US dollars) on December 14th. The revenue will cover CATV‘s deficit in the past three quarters. This state-owned enterprise finds itself in a difficult situation, especially when its former chairman of the board, Long Qiuyun, was arrested under bribery, and many senior managers resigned earlier this year. However, selling the painting and acquiring the stocks from Fortune Capital might help CATV’s stock soar again. Read more on yiqipaidianying

Chaotic Management Spoils the IP of the Forbidden City

The Forbidden City has developed 9710 culture-inspired products with annual revenue exceeding 1 billion RBM (140 million USD). However, several related cosmetic products competed for being the most original and favorite of Forbidden City   before December 12th (aka Double twelve), China’s “Cyber Monday.” The first lipstick is released on the WeChat Public Platform called “Palace Museum Cultural and Creative Store” (故宫博物院文化创意馆), managed by the management department (故宫经营管理处), and produced by Biohyalux(润百颜). Later “the Forbidden City Taobao”(故宫淘宝), managed by Shangchao, also promoted a new series of lipsticks. The fierce competition and overlapping development reveal the chaotic management of the Forbidden City regarding cultural and creative products. In addition to the lipsticks, the small dramatic theater about the antiques, and the simple games did not make full use of the IP of Forbidden City. Read more on Shouxiyuleguan

A Look at 2019 Chinese New Year Films

Fourteen films will be released in China from February 4th (Lunar New Year’s Eve) to February 10th, compared with six films last year. Seven are comics, including the highly anticipated ‘Crazy Alien’ directed by Hao Ning (‘Dying to Survive’), and ‘The New King of Comedy’ by the box-office legend Stephen Chow. Distributor Huoerguosi Lekaihua Pictures has paid the production company of ‘Crazy Alien’ 2.8 billion RMB (410 million USD), a record-breaking minimum guarantee, to secure the right for distributing the film and share the risks of the turbulent film industry. Read more on Shouxiyuleguan

LEAVE A REPLY

Please enter your comment!
Please enter your name here