Chinese news outlet Jiemian News reported on Thursday that the main part of Tencent Pictures will be adjusted from PCG (Platform and Content Business Group) to CDG (Enterprise Development Business Group), while Cheng Wu, Vice President of Tencent and CEO of China Literature, will continue to lead this business segment.
Tencent Pictures, established in September 2015, is a wholly-owned subsidiary of Tencent and originally belonged to IEG (Interactive Entertainment Business Group). In the business transformation implemented by Tencent in 2018, most entertainment businesses, including Tencent Pictures, were merged into PCG.
After the latest adjustment, Tencent Pictures, as Tencent‘s film and television unit, will focus on developing film and television works that emphasize the theme of the times and assume more social responsibilities.
Among the list of released films, Tencent Pictures has participated in numerous film and television dramas, such as “1921”, which was released on July 1 last year to celebrate the centenary of the Party’s founding. Tencent pictures has also released a TV series called “The Human World”, which set a new high among CCTV ratings in last three years.
A person close to the adjustment in Tencent said that the company will continue to support Tencent Pictures to develop more such film and television works. The source went on to say that “making money” is not Tencent‘s most important purpose in making films and television dramas.
Meanwhile, Tencent Pictures’ original commercial intellectual property (IP) film and television development will be handed over to New Classics Media, Yuewen Media (owned by China Literature), and Tencent Animation of PCG.
New Classic Media will focus on the production of leading IP projects while Yuewen Media will focus on developing more projects with external partners and promoting many films and television dramas adjusted from novels. Tencent Animation is responsible for cultivating IP of Chinese animation and cooperating with external partners to develop the films and television dramas adjusted from these animations.
“The diversion of each individual team is mainly based on project experience and business relevance,” said the source.
Tencent Pictures currently plans to develop projects, such as the second season of “Joy of Life” and “My Heroic Husband 2”, while merging the teams involved in those productions into China Literature. In addition, Tencent Animation’s film and television drama teams, such as the one producing the series “Under One Person”, will be merged into Tencent Animation.