The show must go on
By combining video games with live concerts, the digital generation is trying to create a brand-new entertainment experience for those at home. And the business has just started in Hong Kong. He Shusi reports.
From a content development point of view, developing a fully immersive experience through interactive content is key to enhancing user connectivity to other players or artists and creating a sense of value for money. Companies have to capture the right price-to-experience point to justify entry prices, encourage player purchases of in-game items and refer friends to join virtual events, she said.
With COVID-19 still threatening to blight business opportunities, Hong Kong's media industry must reconfigure ways to build new business models to be ready when the acceleration of digitalized entertainment becomes the norm, urged Yau.
PwC's latest research found that the video-games sector is the third-fastest growing segment in Hong Kong, predicting its revenue would hit $1.1 billion by 2024 at a 6.2 percent compound annual growth rate.
Noting that Hong Kong has been a renowned regional hub for entertainment, concerts and sporting competitions, Yau reckons that the city still lacks a creative talent pool to support the entertainment business' long-term development, compared to countries like Singapore, which has surpassed Hong Kong as a tech hub in Asia, boosted by internet giants setting up regional headquarters there.
Hong Kong can leverage its geographical advantages and proximity to the Chinese mainland and benefit from the pandemic-led growth spurt in industries like gaming, she said.
