Wanda to tap into online gaming market, going head to head with Tencent and NetEase
Move comes as China’s box office market growth, a key driver of Wanda’s income over the past decade, has ground to a virtual halt since 2016
Wang Jianlin, Asia’s richest man, has declared his ambition of cracking China’s burgeoning online gaming market, which is currently dominated by internet technology giants Tencent and Netease.
Wanda Cinemas, the entertainment and property mogul’s movie venture, has unveiled a hefty pipeline of 13 online games revolving around best-selling Kung Fu fiction, blockbuster fantasy films and hit dramas.
Video games firm Perfect World and online streaming service iQiyi and LeEco will act as its partners in the development and distribution of some titles, the company said.
Blockbuster online games such as The King of Glory have become a cash cow for Tencent and NetEase, keeping millions of Chinese millennials glued to their smartphones or computers to buy often pricey virtual goods.
China’s box office market growth, meanwhile, a key driver of Wanda’s booming fortunes over the past decade, has ground to a virtual halt since 2016 amid a weak crop of film releases, with industry insiders seeing few signs of a substantial rebound anytime soon.
Those evolving dynamics have prompted Wanda Cinemas – which also owns the AMC Entertainment and Odeon theatre chains – to tap into the online games market, which has enjoyed an enviable annual expansion rate of 25 per cent.