Online literature firms spread their wings

Online literature firms are adding animation, film and games to their content to boost business and meet a surging demand for digital entertainment during the pandemic.

They are supporting and investing in China-themed and reality content and bringing China's story to the global stage, according to Shanghai-based China Reading and QiMao. 

Market leader China Reading plans to use literature intellectual property to expand into the digital entertainment sector, the Tencent-backed company said on Thursday.

China Reading, with 9 million authors on its platform, has seen "steady business growth", with some novels creating clicks and income records during the pandemic, Cheng Wu, its chief executive, said. 

Online literature platform QiMao, with headquarters in Zhangjiang in the Pudong New Area, has more than 300 million users. It plans to expand into the film, audio-book, cartoon and overseas business sectors.

Last year, Shanghai's online literature revenue growth reached 37.5 percent, much higher than the city's GDP growth. Shanghai has the leading position nationwide in online literature, according to the Shanghai Academy of Social Sciences.

QiMao has offered an award of 1 million yuan (US$154,000) to authors for reality content, covering stories and characters based on daily life and the development of Chinese society.

China Reading is also developing content based on traditional culture and history, such as content about Dunhuang and the Forbidden City. 

It has set up a US$5 million fund to encourage authors to contribute multi-language content to its overseas website, which had 54 million visits in 2020.

China Reading aims to become a leading international digital entertainment platform in the long term, Cheng said.