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Viewing report
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China Media & Entertainment Part II: Newspapers
China eCapital Corporation, July 2004, Pages: 34
Subsequent to our comprehensive report on the Chinese television market which came out in February this year, we are pleased to release our latest report on the Chinese newspaper market. This 34-page report provides an in-depth overview of the current market landscape for newspaper publishing and distribution as well as our interpretations on the latest government policies and regulatory environments in China.
Major Themes
- We estimate that total newspaper market in China was around $4.1 billion at the end of 2003, consisting of $2.9 billion from advertising and $1.2 billion from circulation. We forecast that the newspaper sector will grow another 18% this year, reaching $4.8 billion with $3.4 billion generated from advertising.
- As part of the government’s effort to reform the media sector, many government-controlled newspapers are being transformed into profit-seeking companies, and separation of commercial operation from license ownership and editorial censorship has left the door open for outside investors and management to have equity participation.
- We believe the most visible investment opportunities in the sector lie in two areas: (i) consolidation of city newspapers across geographies, and (ii) the relatively untapped market of daily business and financial newspapers targeting higher-disposable-income readers.
- Leading city newspapers are beginning to seek geographical expansion via joint ventures; some are even formulating plans to get into the television business.
- Restrictions on newspaper distribution will continue to be relaxed.
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