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China’s media industry to hit 3 trillion yuan by 2020

Updated: Jun 25,2018 3:05 PM     Xinhua

BEIJING — The gross market value of China’s media industry is expected to reach 3 trillion yuan ($460 billion) by 2020, according to a report by Tsinghua University.

The market value of the industry grew 16.6 percent to 1.9 trillion yuan in 2017, the report showed.

“Along with the further integration of traditional media outlets and the internet, the media industry has now become an important part of China’s digital economy,” said Professor Cui Baoguo of Tsinghua University.

Cui added that the Chinese consumers are spending more money on media and cultural fields.

Consumers who pay for online content, and those who are willing to spend money to support their idols, will drive the growth of media industry in the future, the report said.