Mobile literature hits pay dirt as millennials bookend market
A new business has emerged in China that makes money by serializing and publishing digital literature, including novels, for users of hand-held devices.
One such work, Ten Miles of Peach Blossoms, based on hit stories originating on the internet, has hit pay dirt and highlights the boom in the new business.
Aspiring authors now serve numerous literary works to millions of online readers through platforms such as China Reading, a literaturefocused arm of Tencent Holdings Ltd, which is best known for its all-in-one app WeChat.
A recent report by iResearch Consulting Group said a growing number of Chinese are reading e-books on mobile devices rather than PCs. Some 265 million Chinese read e-books on mobile devices and 217 million read e-books on PCs, it said.
Evidently, Chinese millennials have fallen in love with online literature as devices, mobile internet technologies and software make on-screen reading pleasurable and convenient.
To monetize the potential in the trend, Tencent last week confirmed it would spin off China Reading and list the e-book publisher in Hong Kong, offering 15 percent stake to public while retaining a majority stake (which is currently over 65 percent).
“Reading is no longer confined by time and space. We’re now entering a brand new age to embrace the online reading trend,” said Zhu Jing, vicepresident of China Reading.
Founded in 2015, the com- pany boasts 4 million novelists on its contributor list and 600 million users in China. The more than 10 million original novels for which it holds rights span nearly 200 genres.
Zhu said the company is building an international open platform aimed at offering better user experiences and seeking new momentum in the key market.
Early last month, the company announced it will establish a content cooperation industrial fund and spend 200 million yuan ($29 million) to support the long-term sustainable development of the publishing sector, including introducing better stories, supporting content producers and young talented authors.
The firm’s open platform enables developers to include China Reading’s content on their apps, creating new possibilities like sharing of content and revenue.
So far, China Reading has partnered with nearly 50 e-book platforms, including Baidu and JD.com.
Chinese read e-books on mobile devices and 217 million read e-books on personal computers