Media Gold Rush: How Transmedia Companies Are Redefining Entertainment
In today's fragmented media landscape, the ability to transform a single story into multiple formats—from books to films, games, merchandise and beyond—has become a coveted business model. This approach, known as transmedia adaptation, is rapidly reshaping the global entertainment ecosystem, with companies like China's Yuewen Group leading the charge.
Yuewen (HKEX: 0772 China Literature Limited), founded in 2015, has established itself as a cultural and entertainment powerhouse by focusing on creating and developing intellectual property (IP) derived from online literature. With a business model distinctly different from Hollywood's traditional film and television approach, Yuewen has created a comprehensive ecosystem encompassing online literature, comics, animation, audiobooks, film and television, games and merchandise.
In a recent press release, Hou Xiaonan, CEO and president of Yuewen and vice president of Tencent's Platform and Content Group explains: that "Online literature and comics serve as the cornerstone and origin of our IPs." He goes on to say '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.'
The numbers speak for themselves. In 2024, four of the top five most-viewed online drama series in China were produced by Yuewen or adapted from its IPs. Internationally, the company's reach is equally impressive—its film "YOLO" became the highest-grossing Chinese film overseas after global distribution by Sony Pictures. Meanwhile, "Joy of Life Season 2" became the most-watched Chinese series on Disney+ and the highest-rated Chinese television series of 2024 on MyDramaList.
According to Yuewen's international communication representative Kelsey Yin Li or Wehour, behind this success is a vast content engine. Yuewen has cultivated a community of over 10 million online writers who have produced more than 16 million literary works. This robust creator ecosystem provides a continuous stream of stories that can be tested in the market through direct reader engagement before being selected for adaptation.
While Yuewen dominates in Asia, North American companies have developed their own versions of the transmedia model.
SAN DIEGO, CALIFORNIA - JULY 22: Robert Kirkman speaks onstage at the Entertainment Weekly And ... More Robert Kirkman: One-On-One panel during 2023 Comic-Con International: San Diego at San Diego Convention Center on July 22, 2023 in San Diego, California. (Photo by)
Skybound Entertainment, founded by "The Walking Dead" creator Robert Kirkman, has established itself as a multiplatform content company that works across gaming, television, film and emerging technologies. What began as a comic book series has expanded into a media franchise worth billions, spanning television shows, video games, novels and merchandise.
Similarly, Webtoon, a subsidiary of South Korean tech giant Naver and frequent collaborative partner with Skybound Entertainment, has leveraged its vast library of digital comics to build a transmedia empire. According to a recent industry report, their approach of adapting webtoons into TV dramas and films has proven remarkably successful, with hits like "Bloodhounds" on Netflix demonstrating the viability of this model.
The financial advantages of transmedia adaptation are compelling. "The Walking Dead" franchise, Skybound Entertainment's flagship property, has generated over $1 billion in revenue from games alone according to VentureBeat, with its Netflix show recording 1.3 billion viewing hours in 2023. Industry experts have even described it as 'the most successful original entertainment franchise created this century.'
For Yuewen, the numbers tell a similar story. Their IP-driven model has launched multiple blockbuster adaptations, including "YOLO," which, according to translated press releases from Wehour, became the highest-grossing Chinese film overseas after global distribution by Sony Pictures. Their TV drama "Joy of Life Season 2" became the most-watched Chinese series on Disney+, demonstrating both domestic and international appeal.
The success of these transmedia strategies can be attributed to several key factors:
Both Yuewen and Skybound benefit from direct audience engagement with original content before investing in adaptations. Yuewen's community of over 10 million online writers who have produced more than 16 million literary works serves as a massive testing ground for stories. Similarly, Skybound's comic book roots allow them to gauge audience interest before committing to more expensive formats like television or film.
The most successful companies in this space have created multiple monetization streams. Skybound has expanded beyond TV shows to include streaming, video games, merchandise and more, while Yuewen has developed a comprehensive ecosystem spanning online literature, comics, animation, audiobooks, film and television, games and merchandise.
The ability to deploy content globally has accelerated the success of transmedia companies. Yuewen has achieved remarkable international success through WebNovel, its overseas online reading platform, which has launched approximately 6,000 translated works of Chinese web novels and attracted nearly 300 million visitors across more than 200 countries and regions.
Despite the obvious upside, transmedia adaptation is not without significant hurdles. Creative integrity often faces pressure when moving from one medium to another. For example, Korean webtoon adaptations have faced criticism when diverging too far from source material, with popular shows like "Misaeng" and "Cheese in the Trap" requiring delicate handling to satisfy existing fans while attracting new audiences.
Cultural translation presents another obstacle. When speaking to VentureBear, Skybound's Robert Kirkman has noted the importance of creating stories in the perfect medium for that story, acknowledging that not all content translates equally well across formats. Similarly, Yuewen has had to carefully adapt its Chinese content for international markets, tailoring approaches to different regions.
Production complexity increases exponentially with each new format. Coordinating development across comics, television, film and games requires sophisticated project management and significant capital. Yuewen has addressed this by acquiring or incubating over 23 media and entertainment companies to better manage this complexity.
Key art for "Lord of Mysteries" series adaptation
The future of entertainment increasingly belongs to companies that can master transmedia adaptation. Emerging patterns suggest several trends on the horizon:
As traditional media boundaries continue to blur, companies that can successfully navigate the complexities of transmedia adaptation stand to capture significant market share in the global entertainment landscape. The success stories of Yuewen and Skybound Entertainment highlight a crucial evolution in content strategy: stories are no longer confined to single formats but instead flow seamlessly across multiple platforms, creating richer experiences for audiences and more robust revenue opportunities for creators.
Western media companies have a particular opportunity to learn from the explosive growth of vertical short-form dramas pioneered in Asian markets. This format represents an underexploited niche for Western entertainment conglomerates. The vertical scrolling format popularized by companies like Webtoon is inherently mobile-friendly and aligns with changing consumption habits among younger demographics who increasingly consume content on smartphones. Western companies that can adapt their existing IP libraries for this format, or develop new properties specifically designed for vertical viewing, will be positioned to capture audience attention in an increasingly competitive digital landscape.
For media executives and investors looking to capitalize on transmedia trends, the message is clear: the future belongs to IP-driven ecosystems that can identify compelling stories, develop them across multiple channels and build passionate communities around them. In this new paradigm, the most valuable skills will be those that bridge creative storytelling with technological innovation and cross-cultural understanding.
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