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Tencent inks $280 million exclusive streaming deal for more than 6,000 films and...

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Tencent inks $280 million exclusive streaming deal for more than 6,000 films and TV shows

Tencent

Tencent inks $280 million exclusive streaming deal for more than 6,000 films and TV shows

Aron Chen

posted on February 17, 2022 4:45 pmEditor : Wang Boyuan

Tencent aims to enrich its online video contents in an effort to win offer the attention of online audiences from increasingly popular short video apps.

Tencent Holdings has inked a 1.8 billion yuan deal ($280 million) with Beijing Jetsen Technology, China’s largest film copyright holder, to purchase streaming rights for over 6,000 films and TV shows, as the Chinese gaming and social network giant aims to enrich its online video contents in an effort to win offer the attention of online audiences from increasingly popular short video apps.

In an exchange filing to the Shenzhen Stock Exchange, Beijing Jetsen Technology has authorized streaming rights to Tencent for its 6,332 films and TV shows that include the Golden Era, a popular Chinese biographical drama film directed by Hong Kong director Ann Hui.

Beijing Jetsen Technology, a co-producer of Chinese action blockbuster Wolf Warrior 2  (the second highest-grossing title in China’s cinema history), holds the lion's share of copyright licenses for films and TV shows in China.

Looking ahead, Jesten said it would partner with Tencent in new film releases and other content in the near future. Tencent is one of Jetson’s major clients that contribute around 15 to 25 percent of the total revenue.

Tencent has built an entertainment empire encompassing music, film and television shows through investment and acquisition, the Shenzhen-based company also operate a system of intellectual property production.

Tencent Video has 385 million monthly active users as of 2020, enabling it to compete with Alibaba’s Youku Tudou Video and Baidu-backed video streaming site iQIYI for the top spot of China’s online video market.

In a battle for people’s screen time, Tencent Video is facing fierce competition not just from the industry’s peers, but also from short video apps like ByteDance’s Douyin and Kuaishou which has a combine user of more than 880 million in China as of June 2021, according to a report released by China Internet Network Information Centre.

The rise of short video and streaming platforms has intensified the battle of China’s online video market, Short video platform moved a further step into long form videos during Covid-19 pandemic when Chinese movie cinema chains remained shut down and news movies debuted online.

In January 2020, Huanxi media’s Lost in Russia was broadcast on Douyin following a $630 million deal with ByteDance. The deal signaled an emerging trend that film production film embraced short video platform to reach a wider audience base.

In order to defend their territory, a number of long-form video sites including Alibaba’s Youku, Tencent Video, Baidu’s iQIYI banded together last August in a campaign, accusing short videos platform of violating copyright of films and TV shows through video clips uploaded by users.

“Short videos fulfill people’s desire and demand for content creation, display, sharing as well as watching films and TV shows during their short break or even few minutes between class or meeting, but copy infringement issues is getting worse that harm the healthy development of film and TV drama industry in the long run. We will take legal action against short video platform operators for unauthorized use of content, accounts and channels will be terminated due to copyright infringement,” the long-form video sites said in a joint statement. 


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