China’s online publishing business, China Literature, is planning a worldwide launch for its vast library of IP, taking it into new entertainment sectors across the globe.
Having been exhibiting at London Book Fair this past week, the firm is currently in discussions with potential partners to expand its entertainment empire on a global scale.
China Literature, which is 50 per cent owned by the ecommerce and entertainment giant, Tencent boasts a library of 10.1 million works, including 9.7 million original works created by writers on the company’s platforms.
The firm came to the attention of the West last year when it launched on the Hong Kong Stock exchange last year. It was oversubscribed 625 times.
Building a dominant position in China since launching in 2015, China Literature has created an industrial chain that takes IP from online books to other entertainment sectors including films, TV drama and games and has become a major and influential IP source for the domestic cultural and creative industries.
Aaron Huang, international licensing director, China Literature, said: “We have demonstrated that established popular online fiction offers a fast and data-supported way for production companies to develop film and TV plots, video games and other forms of entertainment. Audiences know the characters and story, so they’re already sold on it.
“This gives us huge potential across the entire entertainment spectrum, and in different countries and languages. Coupled with our expertise in online reading, we now have numerous options open to us and therefore welcome approaches fro like-minded companies.
“This is truly one of the biggest opportunities in the publishing and entertainment world for decades.”
China Literature has now started exploring opportunities across Asia, targeting South Korea, Thailand, Vietnam and Japan as potential international markets for Chinese online literature.
Outside of Asia, original novels have been licensed for digital and paper-based book publishing in the US, France and Turkey.
The company launched Webnovel, an English-language international website and mobile app in 2017, providing writers with a platform to reach readers worldwide. Key target markets include the USA, Europe and southeast Asia with potential expansion planned in eastern Europe.