2024 GBA Cultural Industry Investment Conference eyes tech-culture fusion and Chinese culture’s global influence

On November 20, the 2024 Guangdong-Hong Kong-Macao Greater Bay Area Cultural Industry Investment Conference opens in Guangzhou. 

Over 400 guests from cultural enterprises, financial institutions, and research institutions attended the conference to exchange insights on the social and economic value of the cultural industry and the latest trends in cultural investment. 

The 2024 Guangdong-Hong Kong-Macao Greater Bay Area Cultural Industry Investment Conference (Photo: Chen Zhaokang)

Chinese culture going global: not only responsibility but also a reality in the GBA

"Ever since the establishment, we have been aware of our responsibility to help Chinese culture go global," Xu Zhengzhong, the Chairman of Bauhinia Culture Holdings Limited, a Hong Kong-based cultural enterprise, said at the theme conference. Over the past few years, Xu's company has been organizing cultural events and performances overseas. Last year, its subsidiary, China Arts and Entertainment Group Ltd., brought the dance drama Mulan to the United States and attracted over ten thousand audience members.

Xu believes the rich cultural heritage of the Chinese mainland and the global gateways of Hong Kong and Macao are the key advantages—and the driving reasons—for Greater Bay Area enterprises to take on the responsibility of promoting Chinese culture abroad. 

At present, Guangdong's exports of cultural goods and services, including mini-drama, games, digital publishing, etc., account for about 40% of China's total and have reached over 160 countries all over the world, according to a report released by the Guangzhou Academy of Social Sciences at the conference.

Tech-culture fusion: the key area of investment and driving force of industry growth

Apart from cultural export, tech-culture fusion was another buzzword at the conference. AIGC, digitally generated content, smart devices, and new forms of cultural consumption (a term referring to new consumption needs brought about by new technologies and trends) have become the four trendy cultural sectors to invest in the Greater Bay Area, according to a report on the GBA investment trend in the cultural industry jointly released by the Institute of Industrial Economics, Jinan University, and the GBA Cultural and Creative Industry Promotion Association in Guangdong Province at the conference. Notably, all of them are tech-related.

Within the tech-cultural sectors, AIGC is considered a strong driving force for the growth of the industry and was brought into the spotlight at the conference. In the exhibition area outside the conference room, many showcased cultural enterprises featuring AIGC-driven services.

In 2024, as of today, the investment amount in AI-generated videos in China has reached 6.827 billion yuan. In the next ten years, the market size of AI-generated videos is expected to reach more than a trillion yuan, according to the report on the GBA investment trend in the cultural industry. 

Announcement of 11 key cultural enterprises to invest in the Greater Bay Area in 2024 (Photo: Chen Zhaokang)

The conference also released a list of 11 key cultural enterprises to invest in the Greater Bay Area, with 6 focusing on providing AI-related products and services.