Chinese online giant Tencent just announced that it is setting up Penguin Pictures, a film production arm for online drama production, investment in films and development of its own pool of artists.

The company plans to make minority investments in some 10-15 movies per year. Tencent has already accelerated expansion into China’s booming film production industry through investments in a series of blockbusters since last year, including local box office champion Monster Hunt. The combined box office revenues of films that Tencent has invested in reportedly reached 4.5 billion RMB ($706 million USD).

At the same time, the tech giant revealed a launch schedule for eight self-producted online shows, including one adapted from online literature bestseller ‘Ghost Blows Out the Light’.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.