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Nikkei Markets

China Literature warns of coronavirus effect on video and film business

Tencent unit plans to prioritize online videos as outbreak keeps cinemas closed

China Literature is an online publisher owned by Tencent Holdings.   © Reuters

HONG KONG (Nikkei Markets) -- Online publisher China Literature on Tuesday cautioned the new coronavirus outbreak could hobble growth in its online video and film production business, a segment that spurred a more than 20% growth in its profit last year.

Executives at the company, which is majority owned by social media and gaming giant Tencent Holdings, said the pandemic has had a nuanced effect on revenue streams. While paid readership of its online content has grown as large sections of the population stayed indoors, the disruption brought by the virus has also affected the shooting schedule for its online dramas and kept cinemas closed.

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