Perfect World chairman Michael Chi: China's market potential remains undervalued
Perfect World is China's largest film, TV and game company
Aug 21, 2017, 01:47 ET
BEIJING, Aug. 21, 2017 /PRNewswire/ -- During ChinaJoy, one of the world's top three digital entertainment exhibitions, Perfect World founder and chairman Michael Chi (Chi Yufeng) said that China's fast growing entertainment market still has huge potential for growth.
Perfect World was named China's largest film, TV and game company in the authoritative China Gaming Industry Report for 2016. The company's film and TV business has witnessed rapid expansion, including investing in Universal Pictures and setting up a joint venture with Village Roadshow Entertainment Group and WME | IMG. In terms of gaming, Perfect World not only owns high-quality proprietary titles including Perfect World, Zhu Xian, Legend of Martial Arts, Swordsman Online and Legend of the Condor Heroes, but also serves as a publisher for world-renowned titles such as DOTA2 and CS:GO.
Entrepreneurs from China's entertainment industries including film, TV and games are, overall, quite optimistic about the fast growing market, and one of the more outspoken advocates of this viewpoint is Michael Chi. While China's game market has maintained rapid growth for 16 consecutive years, the explosive growth in film and TV has mainly taken place over the last five.
Perfect World is the epitome of the development of China's creative industry. In its most recent fiscal year, more than a decade after its inception in 2004, Perfect World achieved annual revenue of 6.16 billion yuan and net profit of 1.17 billion yuan. The company has successfully put in place what it refers to as the "5+1" business matrix: films & TV, games, animation, comics, literature and education.
With creative content as a business ecosystem becoming a rapidly emerging and huge market in China, Perfect World, based on the strategy of delivering best-in-class products, has quickly become the largest publicly-listed movie and game conglomerate. According to its 2016 financial report, the company's game business generated more than 4.7 billion yuan in revenue, an increase of 24.97 percent year on year, while its film and TV business achieved revenue of approximately 1.46 billion yuan, up 28.85 percent from a year earlier.
Perfect World exports its game products to over 100 countries and regions worldwide and has established over 20 branch offices across Europe, North America, Japan, South Korea and Southeast Asia.
SOURCE Perfect World Co., Ltd.
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