Financing for culture, media industry declines

The culture and media industry saw its financing decline in the first half of the year, according to a report released on Aug 23 by ChinaVenture, a research and consulting firm focused on venture capital investment.

Venture capital and private equity companies raised $78 million for 21 projects in the first half of 2012. The investment figure shrank 68 percent year-on-year, the report said.

Film, television, music and advertisements are the most popular sectors for investors, and got almost all of the investment in the culture and media industry in the first half.

Focus Media received a 100 million yuan ($15.80 million) investment in February for its taxi LED program, the largest financing in the industry by June. Meanwhile, the cartoon and animation industry is also popular with venture capital firms, the report said.