SMG & Hony to Support Fund to Boost Film and TV Development

SMG Pictures is collaborating with private equity firm Hony Capital to launch the city\'s first special film and TV fund, officials said yesterday at an industry forum of the ongoing 19th Shanghai TV Festival.

The fund has applied for approval from the government and is expected to raise a total of 3 billion yuan (US$480 million). Managed by an experienced financial team, it will mainly invest in new film and TV drama projects.

Hony Capital president Zhao Linghuan believes the domestic film and TV industry is undergoing rapid development and additional financial force will help it achieve a win-win situation as well as sustainable growth.

China\'s box office last year soared to more than 17 billion yuan, a 30 percent increase over the previous year. Chinese films accounted for 48 percent of the total takings.

Su Xiao, general manager of SMG Pictures, said it will also cooperate with Hollywood scriptwriters and producers to create stories catering to a global audience. More home-grown films and TV dramas will be distributed worldwide.

Meanwhile, yesterday\'s festival also stressed the rising influence of new media on traditional TV production. A lot of video-sharing websites are seeking possibilities for cooperation with television.

Liu Chunning, general manager of Tencent\'s video business, said the new multi-screen era has changed the traditional ways of TV production, scriptwriting and broadcasting."The strong interactivity of new media will help TV and film producers learn more about the real tastes and demands of today\'s audience," he added.