Chinese tech giant Tencent announced on Wednesday that it will make a big leap into the movie industry

 
Chinese tech giant Tencent announced on Wednesday that it will make a big leap into the movie industry with the establishment of a new division dedicated to film production.

According to China’s Caixin (hat-tip Forbes), the new division will make use of Tencent’s existing intellectual property from its gaming and comics divisions. Among the seven films that Tencent claims are currently in pre-production, four of them originate from one of the company’s video games. It’s also working on an adaptation of Mo Yan’s novella “Treasure Map.” Tencent COO Ren Yuxing said in a statement that the company aims to merge content across its numerous branches, while creating a movie viewing experience that integrates both the online and offline worlds.

Tencent isn’t the only Chinese tech giant to dive into original film production. Back in March, Alibaba acquired ChinaVision Media Group for US$804 million, one of the producers of the 2013 adaptation of Journey to the West. The company later changed its name to Alibaba Pictures Group. Baidu’s iQiyi also opened an in-house production studio in July.

Editing by Steven Millward, modified top image via Flickr user jessflickr

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