Social funding expands to entertainment

You may have had the experience of seeing your favourite book turned into a movie, but finding out that it is poorly produced. Going forward, you can help to change it, the entertainment business can also resort to online social funding.

Now you can do more to criticize a movie than simply post angry comments. China online giant Alibaba has launched a new funding platform called "Yulebao", meaning entertainment treasure. On this platform, movie directors call for money, and everyone can invest.

"Now people have more free money. and when they don't want to throw them into banks or financial products, they ask for their own financial services. Now these new P2P platforms and social funding platforms have offered them this service," said Huang Zhen, Director of Financial Laws Research Center, Central University of Finance & Economics.

On Yulebao, one can buy as much as 1000 yuan in total, with expectations of 7% annual profits, and definitely help to diversify the funding channels of entertainment business.

Now according to rough estimation, there are about 30 online social funding internet. Four major areas on these internet are Charity events, art and entertainment, product design and company creation.