Chinese karaoke chain Mei KTV launches in HK

Mainland karaoke chain brand Mei KTV has set up its first Hong Kong flagship store in Lan Kwai Fong, Central, bringing another valuable addition to Hong Kong's vibrant leisure and entertainment industry.

According to a statement from Invest Hong Kong, the Hong Kong flagship store will be managed by their design team from Singapore, blending local characteristics to craft an entertainment space that caters to Hong Kong people's preferences. The venue features luxurious karaoke rooms, a full-screen display and performance stage alongside innovative and interactive facilities such as a virtual DJ mixing station.
      
Alpha Lau, director-general of investment promotion for Invest Hong Kong, said, "We welcome Mei KTV for choosing Hong Kong to open its flagship store and using the city as a platform for international expansion. Many companies choose to establish in Hong Kong to enhance their brand's international standing. The operational experience gained here can also be replicated in other markets to support their further expansion. I wish Mei KTV great success in Hong Kong and beyond."
      
Tang Hong Wei, co-founder and the CEO of Mei KTV, explained the rationale behind choosing Hong Kong. "Hong Kong is an important market and the birthplace for Chinese pop music; opening a store in Hong Kong will provide a music-themed social space for more music enthusiasts. Hong Kong, as an important bridge connecting the Mainland with international markets, will make Mei KTV's flagship store a benchmark for its overseas business. We plan to use this as a base to gradually expand into Southeast Asian markets such as Vietnam, Malaysia, and Singapore, and establish a regional office here in the future."
      
He added, "As of 2024, Mei KTV has opened nearly 800 stores nationwide, covering over 100 cities on the Mainland. Our parent company also plans to be listed in Hong Kong, which is a significant driving factor behind our investment in the region."
      
Established in 2017, Mei KTV is a karaoke chain brand which strives to blend innovative technology with entertainment experiences, primarily targeting the young market. With a core mission to "create joy through technology", Mei KTV has integrated cutting-edge technologies such as AI and virtual reality into traditional karaoke, and launched innovative features such as AI-powered sound correction and metaverse music video production to provide customers with an immersive entertainment experience.

Don't miss: HK to secure HK$40bn investment thanks to expansion of 20 more firms

This comes amidst the trend of overseas companies setting up businesses in Hong Kong. According to the city's finance chief Paul Chan, around 20 additional overseas and mainland Chinese companies will start expanding their businesses in Hong Kong. This, along with the first batch of 30 major companies, is expected to invest over HK$40bn and provide 13,000 jobs in the city, including scientific research and management roles.

“These companies will contribute to the clustering of related industries in the upstream, midstream, and downstream sectors in Hong Kong, driving the vibrant development of the entire innovation and technology ecosystem,” Chan said.

Don't miss: Survey: HK's entertainment and media revenue expected to hit US$14bn in 2028

In fact, Hong Kong’s entertainment and media (E&M) growth is expected to remain steady, with revenue expected to reach US$14bn in 2028, PwC’s latest report finds. According to PwC’s “Global Entertainment & Media Outlook 2024 to 2028” Hong Kong summary, the local E&M revenue saw a slight increase of 4.5% year-on-year growth in 2023. The market is forecasted to slow down to 2.3% and reach US$12.87bn in 2024. 

Projections show E&M growth in Hong Kong will have a steady compound annual growth rate (CAGR) of 2.06% between 2023 and 2028, with revenue expected to reach US$14bn in 2028. Hong Kong's E&M revenue will be dominated by consumer spending (74%), the conversion trend is in line with global, excluding mainland China. 

There has also been a shift from consumer spending to advertising spending, due to the rise of digital platforms and streaming services, with more people opting for digital content over traditional media. Many entertainment and media companies in Hong Kong are shifting towards subscription-based models, which has led to a decline in revenue from the sales of physical media, said the report. 

Related articles:

Live shopping marketplace Shopstream launches in HK, eyes SG expansion by November
Vogue magazine to launch in HK next spring