Speaking at the Shanghai International Film Festival on Sunday, CEO of Alibaba Pictures Production, Zhang Qiang, announced that the company is planning more acquisitions to develop the Chinese film industry.

Alibaba's Expansion Plans

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"The capital feast has just begun," said Qiang, while speaking about the huge investments coming into the Chinese film industry.

At the seminar, Qiang said that other divisions of the company such as Taobao and Alipay are helping out other business units to succeed, because of which the level of efficiency in the industry has improved.

Moreover, Zeng Maojun, Vice-President of Wanda Culture Industry Group and the President of Wanda Cinema Line, pointed out the $3.5 billion acquisition of Legendary Entertainment is the best example of this business model.

Zeng added that the main reason the company was acquired was not because they wanted to influence Hollywood but because they wanted to learn more about the industry. Also,

Zeng noted that Wanda is building numerous theme parks, where Legendary's intellectually property can prove to be useful.

Warcraft as an Example

The box-office sales of Warcraft, which was backed by Universal, Wanda and Huayi Brothers, definitely proved that there's growth in the theatrical box office despite concerns from industry experts.

Online ticketing, a service offered by Alibaba and Tencent among others, is expected to account for 90 percent of ticket sales. This means that Internet giants also have roles in China's booming film industry.

"Wanda has 60 million members for its cinema club," said Zeng. "That provides us with massive big data insight."

Lastly, capital investments pouring into Chinese films come from private equity resources, stock markets and corporate investments and have taken Chinese cinema to new heights.

TagsAlibaba Pictures Production, Zhang Qiang, Shanghai International Film Festival, Wanda Culture Industry Group, Wanda Cinema Line, Legendary Entertainment, Chinese Film Industry, Investments in Chinese Film Industry, Film Industry, Alibaba