China’s Alibaba Group is seeking for a new CEO for its flagship media property, the South China Morning Post (SCMP), after giving its last chief executive the job of overseeing a new NFT spinoff.
As Bloomberg News reported Wednesday (March 15), Gary Liu will continue running the SCMP until his replacement is named.
“A global search for our next CEO is underway, and I will share details of the leadership transition at a future date,” Liu wrote in memo to staff that outlined the SCMP’s planned blockchain venture.
Bloomberg says Bauhinia Culture (Hong Kong) Holdings Ltd. has expressed interest in buying the SCMP – Hong Kong’s most prominent English-language newspaper – although Alibaba has denied the 119-year-old media property is for sale.
In 2015 company purchased the SCMP from Malaysian tycoon Robert Kuok – who had purchased it from Rupert Murdoch – for $256 million.
“I want to express my high optimism for SCMP’s future. We remain as committed to SCMP’s mission as ever,” Vice Chairman Joseph Tsai said in the memo.
See also: China Unveils Stricter Big Tech Investment Rules
Last year, the Chinese government unveiled a proposed a ban on private capital in news operations, sparked by concerns in Beijing about Alibaba’s coverage of a scandal involving one of its executives.
In January, China said it would begin requiring Alibaba and other big tech firms in the country to get approval for any investment deals in an effort to keep these companies from growing through acquisitions.
The protocols, enacted by Cyberspace Administration of China, the nation’s top internet regulator, say companies need formal approval for investment deals if they have 100 million or more users or have posted revenue of at least 10 billion yuan ($1.57 billion).
Read more: $8T Metaverse Market Potential May Hinge on Regulation in China
As for the metaverse, Alibaba is likely to be one of its key drivers in China – along with companies like ByteDance and Tencent — Morgan Stanley said last month. The metaverse in China could dominate the virtual universe to the tune of $8 trillion, the investment bank said, although much depends on how Beijing decides to regulate the sector.
The pandemic didn’t kill the movie theater, but it did make people fall in love with streaming services. To remain competitive, the entire movie and streaming experience is undergoing an epic, Marvel superhero-like mutation.
Immersive film experiences that simulate reality have come to lure you away from your comfy couch and deep into the stories of your favorite movies.
We’re not just talking about 3D glasses or IMAX here. These cutting-edge experiences incorporate virtual reality (VR), augmented reality (AR) and interactive elements to create a multi-sensory adventure. You don’t just watch a movie — you seem to live it, breathe it and maybe even taste it.
Yes, attempts at Smell-O-Vision, such as the 1960 film “Holiday in Spain” (aka “Scent of Mystery”) were decidedly less than successful, but technology has evolved light years since then and industry insiders believe immersive movies could be the key to revitalizing the theater industry in a post-pandemic world.
“Immersive experiences tap into our innate desire for novelty and excitement,” says Sarah Chen, a media analyst at TechVision Research. “They provide a sense of adventure and discovery that appeals to audiences seeking new forms of entertainment.”
Think of it like a combination of playing make-believe when you were little and a Universal Studios theme park ride.
For example, Particle Ink’s “Speed of Dark” in Las Vegas offers a mixed-reality experience where guests interact with the physical environment and view live performances, blurring the lines between reality and fiction. Want to be Bond, as in James Bond? There’s a company that will help you do that in style, as well as with other film favorites.
And don’t think for a second that the streaming services are just going to sit on the sidelines and watch this happen. Netflix recently launched its “Stranger Things: The Experience” in select cities. Fans can explore recreated sets from the popular show, interact with characters and solve puzzles in a live, immersive environment.
And don’t forget about “Bridgerton” and its live concerts, teas and the Queen’s Ball experiences hosted by select cities including New York, London, Chicago, Atlanta, Los Angeles and Minneapolis. You may just want to spill a little tea at one.
PYMNTS Intelligence data also shows consumers love experiences, whether when traveling or shopping — and brands are noticing. A report last year, which drew on a survey of 4,285 U.S. consumers, showed that the highest earners are the most likely to splurge on experiences.
Brands and retailers, including Nike, Mattel, Target and Nordstrom, are also getting in on the experience craze, hosting live events and interactive experiences.
Speaking of phenomena like “Stranger Things” and “Bridgerton” that made us stay home to be entertained, “Imagine transforming your living room into a virtual theater [with VR and AR technologies]. The possibilities are limitless,” says Chen.
The technology driving these experiences can drive filmmakers to up their game. Eugene Chung, the director of the acclaimed VR film “Allumette,” said, “VR allows us to create worlds where viewers don’t just see the story unfold — they feel it.”
But let’s be realistic; there are some very big obstacles to widespread adoption of immersive cinema experiences. They’re expensive to produce, and some projects will need specialized venues. You can’t exactly fit a dinosaur-infested jungle in your local multiplex. Plus, there’s always the risk of motion sickness.
And there will be critics who argue that overly immersive experiences detract from the art of traditional storytelling. But who needs plot and character development when you can have explosions so intense that you feel the heat on your face?
As the line between audience and participant in the cinematic plot continues to blur, one thing is clear: The movie-going experience of tomorrow may be vastly different from what we know today.
Who knows? In a few years, you might be able to star in your own blockbuster, defeat the villain, and save the world — all before dinner time. Just remember to silence your phones, keep your hands and feet inside the virtual reality at all times, and whatever you do, don’t feed the digital monsters.
