Tencent to spend $150m again on movies
Tencent Holdings plans to continue its bold push into the international film business.
Tencent Pictures, the Chinese internet giant’s upstart filmmaking unit, has set aside more than 1 billion yuan, or over $150 million, to finance Hollywood and Chinese film projects in 2017, an unnamed source at the company told Bloomberg News.
Tencent has already spent approximately $150 million on film financing in 2016, the source said.
The company was a co-financier of Legendary Entertainment’s Chinese box-office hit Warcraft (which grossed $220.8 million in the country) and the upcomingKong: Skull Island.
In September, Tencent Pictures announced an ambitious 21-film slate spanning projects of various genres, including TibetCode, a film adaptation of hit Chinese fantasy book series, and a 3D animation based on Tuzki, the popular rabbit emoticon used on WeChat, China’s most popular messaging service (owned and operated by the Tencent parent company).
the sum Tencent has spent on flim financing in 2016