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Film festival signs deal with Alibaba on funding
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THE Shanghai International Film Festival and Alibaba Group yesterday signed a strategic partnership deal.
Under the pact, Alibaba’s Yulebao — a crowd-funding site that allows members of the public to make small “investments” in entertainment projects — will be the festival’s “interactive entertainment partner,” while Taobao Dianying will be its official ticketing platform.
The deal will also “assist newcomers in the film and TV industries, support interaction with movie enthusiasts and explore the future of the industry,” said Ding Li, a festival official.
Last year, about 1 million people “invested” 330 million yuan (US$53 million) through Yulebao in 12 entertainment projects, like movies and TV shows.
Four of its films — “Somewhere Only We Know,” “Wolf Totem,” “Emperor’s Holidays” and “Dragon Blade” — took more than 1.8 billion yuan at the box office during this year’s Spring Festival holiday.
In the future, members of the public will be able to invest in a range of festival projects, such as supporting up-and-coming filmmakers and funding new initiatives, Ding said.
The 18th Shanghai International Film Festival runs from June 13 to 21.
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