Leveraging gaming tech

Cecilia Yau, PwC media leader for the Chinease mainland and Hong Kong, said video game technologies and their extended partners have long led the way when it comes to virtual events. As people get more accustomed to playing and watching others play, it's a natural transition for them to construct virtual events around these technologies.

Leveraging gaming technology allows producers to create higher quality content with interactive elements, like styling avatars or choosing storylines, on lower budgets without the need for physical event spaces, she said.

Before C Allstar's Minecraft concert in Hong Kong, Yau noted American rapper Travis Scott's record-breaking virtual concert that was held in April on the online video game, Fortnite. The nine-minute digital concert reportedly reached 27.7 million unique players and saw 12.3 million concurrent users in the game.

"This is incredibly impressive when you compare it to Scott's Astroworld Tour, which saw him reach just over 700,000 fans for one year," said Yau.

"The key lesson we can learn from these partnerships is that they not only provide a uniqueness and differentiation factor, they can help cross-pollinate the two fan bases of both parties, creating overall synergy and allowing each to build on the success of the other," she stressed.

According to PwC's Global Entertainment & Media Outlook 2020-2024, Hong Kong's over-the-top media services are predicted to bypass traditional TV and video by 2024 with projected revenue of $373 million.

The time horizon allows companies to change revenue models and forge partnerships with digital entertainment, video gaming or technology firms to enhance content, platforms and overall user experience, said Yau.