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Cyberport digital ecosystem focus could boost HK economy

Cyberport has been committed to developing and promoting digital entertainment and e-sports in Hong Kong as supported by the government.

Together with its community start-ups in the sector, the agency is exploring all opportunities to collaborate with different industries, including tourism and hospitality.

They have announced that they are keen to work on an idea to help the development of digital technology and facilitate digital transformation across all industries, which will ultimately help Hong Kong’s economy forge ahead.

They believe technological advancement helps take entertainment to the next level, be it the gaming, video, theme park or shopping mall customer experience.

The e-sports and digital entertainment sector has high growth potential and will create enormous job and career opportunities for the younger generations in Hong Kong. To stimulate its development, Cyberport has endeavoured to establish a supporting digital ecosystem by nurturing talent, backing e-sports events and facilitating technologies related to digital entertainment.

Cyberport has put in place several initiatives to facilitate the development of the industry. Financial and other kinds of assistance for events, talent cultivation and training are also provided to industry practitioners through the E-sports Industry Facilitation Scheme.

Its e-sports Internship Scheme provides opportunities for students, fresh graduates, and other interested individuals in gaining work experience in the industry.

Joining hands with the Tourism Board, Cyberport was the strategic partner of the E-Sports & Music Festival Hong Kong last year, which attracted more than 80,000 visitors.

One of the key highlights, the League of Legends International College Cup qualifier, was held at Cyberport’s e-sports and digital entertainment arena, the Arcade, which was launched in July 2019 to meet the market demand for a medium-sized venue for e-sports events.

The growth of e-sports and digital entertainment is fuelled by advanced technology and rapid digitisation. New 5G technology, which offers faster, more reliable mobile streaming capabilities, will usher in superior content and user experiences, expanding the industry’s reach.

Digital transformation is a universal trend, improving business efficiency and enhancing customer experience.

Corporate demand for innovative technologies is hence on the rise. Adopting digital technology in the existing economic model not only creates opportunities and room for a new economy to bloom but also enhances traditional competitiveness.

Cyberport has worked tirelessly to accelerate digital transformation in both the public and private sectors.

The business park has connected venture capitalists, enterprises, and start-ups. Many Cyberport start-ups have been successfully matched with corporations and government departments.

The group believes that technological advancement in all industries at all levels, including hospitality and tourism, will benefit not only the digital ecosystem but society as a whole.

Hong Kong is developing itself as an innovation hub in the region. Cyberport has vowed that it will continue to act as the key driver of the digital technology industry’s development as a way to inject fresh momentum into the city’s economy.

According to an earlier OpenGov Asia article from July 2019, Cyberport launched a new, retractable e-sports hub for its annual Digital Entertainment Leadership Forum, themed in 2019 on digital gaming and e-sports.

Cyberport has earmarked HK$50 million for internships and promotional programmes aimed at Hong Kong’s nascent e-sports industry, as the 16-year-old ICT development tries to help Hong Kong realise dreams of becoming an Asian e-sports hub.

The HK$100 million for e-sports development is part of the Hong Kong government’s HK$100 billion spend on innovation and technology, as pledged by Hong Kong’s Financial Secretary in the 2018-19 budget.

It is estimated that Cyberport currently has about 100 e-sports companies in its various programmes, or as alumni; it currently has more than 600 companies either in its start-up programmes or in its office space, with another 700 connected as alumni or partners.

Another report has projected that China’s e-sports revenue would grow at 21 per cent CAGR, as a result of large audiences and the ability to hold large e-sports events, with sponsorships being the main revenue source.

It is also expected that global e-sports audiences will rise from 454 million in 2019 to over 640 million by 2022.

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