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Forbes
28-03-2025
- Entertainment
- Forbes
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.
Yahoo
03-03-2025
- Entertainment
- Yahoo
Yuewen Global IP Awards Creator Forum: The Rise of China's Global IP Ecosystem
SINGAPORE, March 3, 2025 /PRNewswire/ -- As a pivotal component of the "2024 Yuewen Global IP Awards", the "Yuewen Global IP Awards Creator Forum" was grandly held at Resorts World Sentosa in Singapore on March 1. Representatives from China and Singapore's IP industry partners, creators, academia, and industry leaders convened at the forum with the shared goal of jointly exploring new avenues for the globalization of Chinese IPs. "As a crucial carrier of cultural exchanges, web novel has forged a global IP industry ecosystem through global reading, global writing, and global IP development," remarked Hou Xiaonan, CEO and President of Yuewen. "IP transcends being merely a cultural phenomenon - it represents a living form of cultural expression. By deeply integrating with diverse industries, it drives coordinated advancements in content and commerce, fostering harmonious growth between culture and industry." Ho Chee Hin, CEO of Business China, asserts that the globalization of China-originated IPs boasts unparalleled market potential while wielding significant cultural influence. He emphasized the need for collaborative efforts to propel these IPs from mere awareness to deeper appreciation. At the forum, Yuewen and Resorts World Sentosa announced a strategic partnership. Lee Shi Ruh, President of Resorts World Sentosa, emphasized that the collaboration will forge synergies between rich literary IPs and innovative tourism experiences, pioneering a groundbreaking "Story + Scene" urban cultural and tourism paradigm. C-Dramas sweeping the globe: New opportunities for Chinese TV series and films In China, web novel serves as the primary source of IP adaptation for animations, TV and films. In the past year, TV series adapted from Yuewen web novels, such as Joy of Life 2, The Double, Blossom, Guardians of the Dafeng, Flourished Peony – captivated audiences worldwide, topping the ratings charts of video platforms in many countries across Southeast Asia, Europe and America. Among the upcoming 2025 TV dramas on China's three major streaming platforms—Tencent Video, iQiyi, and Youku—37 titles adapted or produced by Yuewen accounted for approximately 10% of the total market share, reflecting the indispensable role of Yuewen's literary IPs in the industry. The first panel discussion, themed "New Global Opportunities for Chinese-language IPs", highlighted shifts in international cultural dissemination. Karen Fu, CEO of Huace Group, underscored the need to enhance production standards and globalize premium IPs by aligning content formats with local preferences and leveraging efficient distribution channels, echoing strategies of "cultural integration" and "local partner collaboration" proposed in recent industry analyses. Bo Li, General Manager of Weibo TV & Streaming Business, observed that the overseas expansion of TV dramas has advanced from traditional copyright licensing to a "global synchronization + localized operation" model. This evolution aligns with broader trends of rising global demand for Chinese IPs. Huangfu Yichuan, President and Editor-in-Chief of Contemporary Cinema, emphasized that the internationalization of Chinese IPs must evolve from "going global" to "strategic integration into the global market" to foster meaningful cross-cultural participation. Wang Qiao, Vice President of New Classics Media (Yuewen's subsidiary), argued that successful global expansion requires abandoning a one-size-fits-all approach. By aligning content distribution with local consumption habits and cultural preferences, Chinese dramas can achieve organic reach and resonance. Hui Min, Head of Licensing at Yuewen, concluded that the industry's global trajectory has shifted from isolated "individual breakthroughs" to holistic "ecosystem-level cultivation". Her remarks echoed the forum's overarching theme, underscoring that sustainable success hinges on industry-wide collaboration. The integration of online and offline channels accelerates the commercial development of IPs Currently, the "Goods Economy" craze is sweeping the world. Young people's demands for cultural consumption are becoming increasingly diversified, bringing new opportunities for the commercial development of IPs. In response to this trend, Yuewen created YUEWEN WONDERLAND in Singapore, attracting global fans to "eat goods" (i.e., purchase IP peripherals). The GMV of the Chinese New Year and Singapore-themed series products has exceeded 5 million yuan. The second panel discussion, themed "IP Embracing New Global Cultural Consumption", delved into how IPs are revolutionizing cultural consumption. Ao Ran, Executive Vice President and Secretary General of China Audio-Video and Digital Publishing Association, asserted that content transformed into innovative IP-driven formats resonates deeply with Gen Z, offering emotional value and proven commercial viability. Zhao Fan, Director and Chief Innovation Officer of Kingnet Network Co., Ltd., emphasized that the "stickiness" of IP fandom demands proactive engagement with fan communities to glean insights for game development, arguing that co-creation with audiences is key to unlocking value across merchandise sales, offline events and more. Jason Lin, Founder of Guangdong Jason Entertainment Development Co., highlighted that Eastern mythological stories - like Ne Zha 2 - are highly sought after by overseas consumers, with cultural exports poised to generate substantial sales dividends in overseas markets. Samuel Huang, CEO and Founder of ELSKA, highlighted that Chinese IP derivatives products at international exhibitions have exceeded expectations, underscoring the need for more hit IPs to attract global attention. Lee Shi Ruh, President of Resorts World Sentosa, reaffirmed the resort's commitment to "leverage IP storytelling to pioneer immersive experiences and redefine ways to enjoy integrated resort ecosystems." She pledged to "curate high-quality peripheral products and embed outstanding IPs into every corner of the property to deliver memorable experiences for every guest." William Hou, Head of Merchandise at Yuewen, concluded that "only deep cultural resonance, cutting-edge technological integration, and consumer-centric innovation can transform IPs into global cultural bonds uniting youth worldwide." Under this vision, YUEWEN GOODS, Yuewen's IP derivative brand, recently secured domestic distribution rights for Ne Zha 2's derivatives. Web Novel, One of The "Three Driving Forces" of China's Cultural Globalization Web novel, film and television, and gaming have become the "three driving forces" for the overseas expansion of China's cultural industry. As a pioneer, Yuewen not only exports Chinese web novels but also cultivates global original authors. As of November 2024, WebNovel, Yuewen's overseas online reading platform, has launched approximately 6,000 translated works of Chinese web novel, hosted about 449,000 overseas online authors, and attracted nearly 300 million visitors across more than 200 countries and regions. Hou Xiaonan revealed that Yuewen's global author network includes 2,417 Singaporean contributors and that Philippines, Indonesia, and Malaysia rank the top countries with the highest numbers of Yuewen-affiliated writers. Notably, the Philippines alone accounts for over 100,000 authors on WebNovel, underscoring the region's vibrant creative landscape. The last panel discussion kicked off the creative exchanges between China and foreign countries. JKSManga, a British web novelist, emphasized that web novels empower universal storytelling, letting readers shape value and bypass traditional publishing constraints. Yow Cheun Hoe, Associate Professor at Nanyang Technological University, highlighted how web novels evolve through reader participation—transforming fragmented content into epic, collaborative narratives spanning hundreds of thousands or even millions of words. Heng Sao Tian Ya, Yuewen Platinum Author, distilled online literature's essence into five pillars: "New" (digital-first formats); "Extensive" (cross-generational appeal and universal accessibility); "Fast" (real-time updates and dynamic content evolution); "Abundant" (vast libraries, epic-length narratives, and daily fresh content); and "Satisfying" (immersive, emotional resonant experiences). Zhi Zhi, another Yuewen Platinum Author, likened web novel authors to "dream-makers" who craft emotional safe havens and outlets for readers. She stressed that authentic emotional expression is key to unlocking cross-cultural acceptance of narratives. CKtalon (Jeremy Oon), the English translator of Lord of Mysteries from Singapore, reiterated that web novels serve as a vital cultural bridge, fostering international dialogue. He expressed his aspiration for sustainable global development of web novels, envisioning them as an even stronger cultural adhesive that transcends borders and enriches cross-cultural understanding. The "2024 Yuewen Global IP Awards" was held on February 28, attracting over 3,000 attendees from cultural, industry, and fan communities. The event was live broadcasted on Tencent Video and its overseas platform WeTV, reaching more than 40 million viewers globally. It celebrated the achievements of Chinese IP creators and adaptations while highlighting the growing global influence of Chinese-originated IPs, with approximately 92% of the awarded works having been internationalized. Media Contact: Wendy LiuEmail: ywpr@ 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 View original content to download multimedia: SOURCE Yuewen
