Monkey success may spur torrent of film investment
Print Edition
Although there have been instances when low-budget films surprised everyone and struck gold at the box office, most of the entertainment world still heavily depends on deep pockets and the willingness of investors to dig into them.
The domestic movie “Monkey King: Hero Is Back” has been sizzling at the box office this summer, breaking attendance records and creating a buzz in the animation film industry. It’s expected to rake in receipts of 556.1 million yuan (US$90 million) before it runs its course, making it the top-ranking domestic film in its genre.
But success doesn’t come cheap. Some 60 million yuan — a pretty hefty sum in the domestic industry — was invested in production of the film, which is based on characters in the classic Chinese tale “Journey to the West.” It appears to be money well spent, not only for the producers but also for an industry badly in need of a pick-me-up.
“Chinese animation films have long been criticized for their lack of imagination, childish storytelling and the poor production techniques,” freelance animator Yu Peizhang told Shanghai Daily. “But the Monkey King has shown the capability of telling a good story and arouses the interest of a wide audience. It definitely brings hope for the whole industry.”
It’s not just Yu feeling a burst of inspiration. Investors are also sniffing the potential of a huge market just waiting to be tapped — both at cinemas and in online formats.
On July 13, just three days after the Monkey King’s release, Enlight Media Co, one of China’s leading privately owned film companies and an entertainment partner of e-commerce giant Alibaba Group, announced it would invest 20 million yuan to establish a joint venture with core members of the Monkey production team. The deal will give Enlight rights to sequels being planned by director Tian Xiaopeng. The company also launched several investment plans with other animation production groups on the same day.
Fund managers, who traditionally ignored the animation film industry, are also eagerly watching events, Zhang Fang, an investment manager who oversees the entertainment industry for Qingsong Fund, told Shanghai Daily.
“Instead of instant profits, I think the capital market is more interested in the potential space of future profits,” Zhang said, “And the Monkey King has shown that the timing is right.”
Failures of the past are being forgotten. Like the “Kuiba” animation series, which failed to recoup its investment of 35 million yuan after the first three films. Its producer, Vasoon Animation Co, was forced to postpone a fourth film.
Zhang Haolin, director of the popular online animation “Chinese Mr. Curiosity,” said failures didn’t come from poor content due to censorship.
“There are lots of original good stories for adult viewers in the sector,” said Zhang, whose team is responsible for 80 percent of online animation productions in China. “But time is needed to veer from the traditional concepts that animation is only for kids and films can’t be made that appeal to all generations.”
He added, “The Monkey King has grabbed that wide audience and opens the door for a new era in online adult animation.”
Even so, some fund managers prefer to remain cautious and see if Monkey King is just a one-time fluke or the start of something big. Online animation, for one, still needs to prove that it can make oodles of money.
“Chinese Mr. Curiosity,” which received some 600 million hits for the first 33 episodes, hasn’t turned a profit yet and isn’t likely to break even in the near future. Each episode cost investors 400,000 yuan.
The newly launched “Zetianji,” an online animation drama backed by web giant Tencent’s subsidiary Yuewen Group, has a production cost of 50 million yuan.
Unlike global leaders, such as Marvel Entertainment and Disney Co, domestic animation companies haven’t yet mastered the art of turning films into marketing gold mines. The Monkey King movie, for example, wasn’t released amid of rush of related products like stuffed toys, T-shirts and key rings exploiting the film’s popular characters.
“The producers didn’t think that out in advance of the release and missed a golden business opportunity,” said Zhu Xiaoju, general manager of Shanghai-based Animation International Ltd.
“If the sequels to Monkey King maintain the same quality and establish the brand firmly, related products should be developed to capture the public’s passion for the films and characters,” Zhu said.
Some reviews of Monkey King have described it as a “green bud growing up in a salt marsh.”
Whether the industry is mature enough to nurture that bud is the question investors are asking.
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