Li Ruigang, chairman of China Media Capital. Photo: Bloomberg
Source:
https://scmp.com/business/companies/article/3007553/discovery-partners-chinese-media-giant-cmc-build-theme-parks-and Companies
Discovery partners with Chinese media giant CMC to build theme parks and content for preschool children
- Nasdaq-listed Discovery, Inc says it will enter the ‘edutainment’ market in China in collaboration with entertainment conglomerate CMC
- Subscription-based content will target mainland children aged three to five
The Discovery Channel, the subscription pay TV service of Discovery, initially focused on documentary programming, such as this Discovery Channel/BBC joint production for ‘Frozen Planet’. Photo: AP Discovery Channel/BBC
CMC, a media and entertainment company controlled by mainland tycoon Li Ruigang, has partnered with Discovery, the parent of the American pay television network Discovery Channel, to develop content for preschool children and create theme parks, as demand for quality family entertainment rises in China.
The two companies said in a joint press release on Wednesday that they will work together to produce digital content or “edutainment” focused on science, technology, engineering and maths. The subscription-based service will target children aged between three and five and their parents, featuring videos, educational articles, science shows, online games, toys and an artificial intelligence-enabled robot.
The statement said the collaboration will also include a location-based entertainment business that will “create unparalleled and differentiated experiences that complement Discovery’s growing real-life entertainment content offering in China”.
The companies will also develop Camp Discovery-themed entertainment parks in China that will include entertainment, sports facilities, dining, shopping and hotels.
“Our location-based entertainment centres, which will echo the Discovery brand promise of satisfying curiosity and powering people’s passion, further add to a fun learning experience for the whole family,” Tony Qiu, Discovery’s vice-president and general manager for Greater China and South Korea, said in the statement. “Together with CMC, we aim to bring top-quality products to our audiences and consumers in China.”
The release did not identify the location of the proposed themed parks, nor the size of the investment.
The rising affluence of China’s middle class has been ushering in strong demand for high-quality entertainment services over the past decade.
Shanghai Disneyland, a joint-venture between the local government and Walt Disney Company, has drawn millions of visitors since it started operations in mid-2016.
He Jianmin, a professor at Shanghai University of Finance and Economics, told the Post earlier that the mainland lacked world-class theme parks to serve the growing needs of newly affluent consumers.
“Products that provide premium themed experiences will have great opportunities to succeed in this market,” Thomas Hui, chief operation officer of CMC, said in a statement.
CMC, previously known as China Media Capital, was founded by Li, the former president of Shanghai Media Group that operates the city’s major TV and radio stations.
CMC is the largest shareholder of Hong Kong's longest running free-to-air broadcaster Television Broadcasts Limited (TVB).
Li, 50, is regarded as China’s Rupert Murdoch for his vast holdings in the media sector. Last year, CMC raised 10 billion yuan (US$1.5 billion) in financing from investors led by property developer China Vanke.
CMC said in a statement last year that the company had a valuation of 40 billion yuan.