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The 1st Microfilm Competition set by Golden Rooster & Hundred Flowers Film Festival.
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Big Business
In time to the rhythm of the accelerating heartbeat of today’s bit-society imbued with microblogs, short messages and video-bites, short films fit the pulse of a whole generation. The narrative form of these filmic short stories not only perfectly matches the preferences of its mostly young audience, but also, due to low production costs, short production time, a wide reach and a multitude of opportunities for interaction, make advertisers’ hearts beat faster.
China’s new media market has become one of the most profitable on the globe. The country has more than 618 million Internet users and over 900 million mobile phone users, making it the global leader in these areas. The total advertising volume of China’s online market stood at RMB 32.1 billion (US $5.26 billion) in 2010. According to estimates of the market research company ChinaIRN, the figure will reach RMB 156.5 billion (US $25.64 billion) this year. Annual growth is, on average, 49 percent.
In addition, the advertising volume of the online video market has also risen rapidly in recent years. As per ChinaIRN’s forecast, the revenue of online short films will reach RMB 70 billion (US $11.47 billion) in 2014, which is 13 times that of 2010. Their advertising volume is estimated to reach RMB 45 billion (US $7.37 billion) this year, nearly 10 times more than four years ago.
And the host of Chinese smartphone users also provides a particularly lucrative business field. For them, short movies, due to their length, are perfect media candy for the meantime, not only on long bus or subway rides during rush hour. From 2010 to 2013 the revenues of China’s mobile video market grew from RMB 667 million (US $109 million) to RMB 11.61 billion (US $1.9 billion), which means an average annual growth of 159 percent. More than 90 percent of this revenue originates from user fees.
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