SINGAPORE, Dec. 3, 2024 /PRNewswire/ — Representing China’s culture and entertainment industry, Hou Xiaonan, CEO and President of Yuewen and Vice President of Tencent’s Platform and Content Group, highlighted the explosive growth of Chinese film and television dramas in overseas markets. According to AMPD, in the first half of 2024, the viewership of Chinese content in Video On Demand (VOD) platforms in Southeast Asia surpassed that of American dramas, making it the second-largest category of entertainment content for local audiences. Additionally, on freemium platforms, Chinese content has experienced rapid growth, accounting for 40% of viewership and significantly outpacing South Korean dramas.
The backdrop for these revelations was the Asia TV Forum & Market (ATF), a vibrant hub where industry leaders converge to analyze trends, share insights, and chart the future of media and entertainment (M&E). It was here that Hou Xiaonan engaged in a significant dialogue with Orina Zhao, Research Manager at Ampere Analysis, on the theme of "The Changing Landscape of China’s M&E Industry." He articulated how Yuewen is a formidable force driving this trend and revealed the multifaceted strategies that underscore Yuewen’s rising prominence on the global stage.
Differentiated Content Operation Model from Hollywood & Value Proposition in China’s M&E Industry
In contrast to Hollywood’s traditional, offline-oriented film and television model, Yuewen operates within a digital-first framework. This comprehensive ecosystem includes online literature, comics, animation, audiobooks, film and television, games, and merchandise, creating a robust digital entertainment industry cluster.
"Online literature and comics serve as the cornerstone and origin of our IPs," Hou explained. "Our animation, film and television sectors transform these narratives into visual representations, while the combination of games, derivatives, and collectible cards acts as the linchpin of the commercialization process, enhancing the overall value of our IPs."
Hou Xiaonan, CEO and President of Yuewen and Vice President of Tencent’s Platform and Content Group at ATF
Hou emphasized that Yuewen embodies two intertwined values within the M&E industry: being a prolific content producer and a full-chain IP value creator.
With a vibrant community of over 10 million online writers and more than 16 million literary works, Yuewen continuously generates and identifies high-quality content based on user feedback, which is essential for successful IP adaptation. In 2024, four out of the top five most-viewed online drama series in China were produced by Yuewen or adapted from its IPs.
Internationally, the company’s films and IP-adapted dramas are making a significant impact. To name just a few, in 2024 –
- YOLO, produced by Yuewen’s subsidiary New Classics Media, was globally distributed by Sony Pictures and is the highest-grossing Chinese film overseas.
- Two of the top three Chinese dramas on TikTok were from Yuewen.
- Joy of Life Season 2 became the most-watched Chinese series on Disney+. It also ranked as the highest-rated Chinese television series of 2024 on MyDramaList.
- Joy of Life Season 2, The Legend of ShenLi, and The Tale of Rose, topped charts on streaming platforms like WETV, TrueID, MOA, and MONOMAX in multiple countries, including the United States, South Korea, Singapore, and Thailand.
- In the highly competitive market of South Korea, in particular, Yuewen’s productions or adaptations of its IPs occupied four out of the top five spots on the series playback chart of the streaming platform MOA June this year.
Building on this momentum, the much-anticipated Guardians of the Dafeng, starring Dylan Wang, is set to premiere on overseas platforms such as Viu, YouTube, Disney+, and Malaysia’s national television.
Future Aspirations: Building an Open Global Ecosystem and International Expansion
Yuewen aspires to be not merely a content creator but also an architect of an open global and sustainable IP ecosystem. With over 23 acquired or incubated media and entertainment companies under its umbrella, Yuewen is often compared to a Disney-like IP powerhouse in China.
Hou Xiaonan stated that Yuewen will promote the globalization of its full-chain IP industry model, focusing on two main directions: first, applying the model to overseas original IPs to help international writers in cultivate their IPs; second, bringing Chinese IPs to international markets through diverse content formats.
To that end, Yuewen will accelerate the development of overseas original IPs in collaboration with partners in Southeast Asia, Europe, America, and Japan. To date, Yuewen has cultivated approximately 430,000 overseas original writers. In 2024, the number of adaptations of Yuewen’s overseas original online literature is projected to double compared to the previous year.
It is well known that once a film or TV shows gains popularity, it can become a catalyst for local tourism at its filming locations. To capitalize on the ‘IP + cultural tourism’ synergy, Yuewen has partnered with organizations such as the Swiss National Tourist Office and the Singapore Tourism Board. By leveraging Singapore as a strategic gateway for global expansion, Yuewen is intensifying efforts to create a diverse array of platforms that promote the worldwide proliferation of its IPs. Singapore will feature a vibrant lineup of offline activities, including the highly anticipated Yuewen Music Festival on December 28, 29, and 31 and Yuewen Global IP Awards.
"The potential of high-quality IPs to create value is limitless, offering numerous opportunities for integrated development," Hou Xiaonan stated.
Yuewen has introduced hundreds of IP-themed products and established self-operated stores in major Chinese cities like Beijing, Hangzhou, Xi’an, and Nanchang, creating a tangible connection with consumers. Moving forward, the company plans to expand its offline channels internationally, offering even greater commercialization opportunities for its IPs.
About Yuewen
Yuewen (HKEX: 0772 China Literature Limited) is a culture and entertainment group that was founded in March 2015. It focuses on creating and developing intellectual property (IP) derived from online literature.
Yuewen has a diverse portfolio of well-known brands, such as QQ Reading, Qidian, New Classics Media, and Tencent Animation & Comics. It serves as a platform for tens of millions of creators and a rich reserve of literary works across 200 genres, catering to hundreds of millions of users. Yuewen is renowned for its celebrated IP portfolio, which includes popular titles like Joy of Life, My Heroic Husband, Candle in the Tomb, The King’s Avatar, Soul Land, and Nirvana in Fire. It has successfully expanded its reach across various media formats, including audiobooks, animation, comics, films, drama series, games, and offline merchandise.
For more information, please visit https://www.yuewen.com/en/.
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