According to GHY, China’s reopening saw new opportunities within the live entertainment space.
GHY Culture & Media
XJB, through its indirect associated company, Beijing Changxin Film & Media, has entered into two cooperation agreements with Shanxi Xingtai Film, Culture & Entertainment.
Under the agreements, Beijing Changxin had invested in a series of Jay Chou’s Carnival World Tour concerts. The Mandopop star held a series of concerts in Hohhot from Aug 17 to 20, and will hold another series of concerts in Taiyuan from Sept 21 to 24. Hohhot is located in Inner Mongolia while Taiyuan is located in China’s Shanxi province.
Beijing Changxin was involved in the production of these concerts and was also named as an organiser.
According to GHY, China’s reopening saw new opportunities within the live entertainment space arising from the pent-up demand for concerts and live performances.
Referring to data from the China Association of Performing Arts, ticket revenue from commercial performances was said to be close to RMB5 billion ($941.7 million) in the first quarter, surging about 111% y-o-y. The number of audience members skyrocketed 143% to 22 million.
Anchored by its two core businesses of TV programme and film production and concert production, GHY expects its business operations to further normalise in FY2023.
"Similar to the trends in other countries, demand for concerts and live performances have surged significantly in China since Covid-related restrictions were lifted in late 2022. Mandopop superstar Jay Chou is hugely popular in China, where he has a strong fan base. It has been nearly three years since his last concert in China and hence, we believe there will be strong demand for his largescale concerts that we are excited to be a part of,” says Guo Jingyu, executive chairman and group CEO of GHY.
Shares in GHY closed at 38 cents on Sept 8.