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Yuewen, Chinese name：阅文集团，also known as China Literature Limited.
Background[edit]
Yuewen, or China Literature Limited（Chinese：阅文集团, stock code: 0772.HK), is a comprehensive cultural industry group. It focuses on digital reading and the cultivation and development of intellectual property (IP).[1] The company offers digital publishing services, providing a platform for original online literature and full copyright operations. It also engages in the adaptation and output of IP.[1] It is based in Shanghai, China.[2]
Yuewen is best known for its QQ Reading and Qidian.[3] The pioneer platform Qidian was launched in 2002 and found success with the micro-payment model for premium content in late 2003. Webnovel, launched in May 2017, is the international version of Qidian. In 2018, Yuewen acquires top Chinese production company New Classics Media (NCM).[4]
Tencent is Yuewen's largest shareholder.[3]
Business[edit]
Yuewen mainly develops intellectual property (IP) based on online literature. It is known for trailblazing a pay-to-read model in China's online literature industry, which has made it one of the most popular choices for authors looking to earn a living from online fiction.
It has over 200 million monthly active users across all its platforms. Its international platform, WebNovel, has been visited over 230 million times since launching in 2017.[5]
Various adaptations have been produced from Yuewen's originals, such as "Soul Land," "Battle Through the Heavens," "The King's Avatar," "Joy of Life," and "My Heroic Husband."
The company has partnered with creative teams from the US, the UK, India, Japan, and Singapore to develop original IP for the global market.
Movies and TV dramas produced by Yuewen include "YOLO"（Chinese：《热辣滚烫》）, Hi, Mom（Chinese：《你好，李焕英》）. In 2021, the movie Hi, Mom achieved a record-breaking box office of 5.41 billion CNY (752 million USD). In 2023, the movie YOLO achieved 3.44 billion CNY (479 million USD) in China and took the top spot for worldwide box office in 2024.[6]
References[edit]
- ^ a b Lunden, Ingrid (2018-08-13). "Tencent spinoff China Literature to buy New Classics Media for $2.2B in content consolidation play". TechCrunch. Retrieved 2023-12-20.
- ^ "Chinese online literature finds fame and fortune on a global scale". SHINE. Retrieved 2023-12-20.
- ^ a b Standard, The. "Tencent unit plans IPO". The Standard. Retrieved 2023-12-20.
- ^ Lee, Emma (2020-06-15). "Who owns China's 'internet literature'? · TechNode". TechNode. Retrieved 2023-12-14.
- ^ Williams, Carl (2024-02-06). "Chinese Culture and Entertainment Group Yuewen Deepens Globalization with IP Awards".
- ^ "Chinese Film "YOLO" Makes Top Ten at Oscar Weekend, With Inspirational Power – Globle Press release distribution" (Press release). Retrieved 2024-04-08.