Hong Kong Film Industry Brings USD 2 Billion to GDP, But Could Contribute More

Hong Kong Film Industry Brings USD 2 Billion to GDP, But Could Contribute More

According to an economic impact report, the film and TV industry contributed some USD 2 billion to Hong Kong economy. That is 0.3 percent of Hong Kong's GDP, revealed a research by Oxford Economics. Although it sounds like a lot of money, this figure is actually smaller than in the rest of Asian countries. For instance, in Taiwan, TV and film industries summed up to 0.4 percent of GDP, and in South Korea and New Zealand it was 0.7 percent.

According to producers groups, Hong Kong should work on the legislation regulating copyright laws in order to increase the figure.

“We are facing a number of threats, including illegitimate online content and the so-called TV black boxes which offer online access to a wide array of unauthorized screen content. Our home entertainment revenues have plunged from USD 110 million in 2002 to USD 24.7 million in 2014,” said Robert Lee, honorary treasurer of the Hong Kong Video Development Foundation.

“While the industry is working hard to provide audiences with quality digital screen content, the early passage of the Copyright (Amendment) Bill 2014 is necessary to help reduce online infringement, and provide us with a level playing field.”

According to the report named “Economic Contribution of the Film and Television Industries in Hong Kong”, the industry employs over 30,200 workers and had generated tax revenues summing up to USD 1.22 billion in 2014.

 

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