BEIJING, July 25, 2016 /PRNewswire/ -- Perfect World Pictures Co., Ltd., a Chinese producer of films and television programs, announced on July 19, 2016, that the listed company has been formally renamed Perfect World Co., Ltd., a move signifying that Chinese video game company Perfect World is officially returning to the Chinese A-share market after completing the restructuring with its listed film and game businesses. The restructure has also created the largest movie and game conglomerate ever in China.
The increasingly popular convergence of movies and games looks extremely promising to industry insiders. Industry experts believe that movies and games are two highly dynamic and scalable industries and that the easy accessibility through online channels makes them the most powerful sectors across the entire culture and entertainment industry chain. At present, the Chinese government is strongly promoting the cultural convergence taking place across the pan-entertainment domain as part of its strategy of securing the strength of the nation through cultural development. Under these circumstances, by leveraging the trend in movie and game integration, the convergence of and interplay between movies and games can vastly expand the range of uses for high-quality IP resources while stimulating creative thinking, widening to the largest extent possible how the two can be used in the broader culture and entertainment industry. As a result, the trend can serve to fuel the growth of the cultural side of the entertainment industry and lay a sound foundation for promoting traditional Chinese culture to the world.
Perfect World Pictures has recently been renamed Perfect World which forms the largest movie and game conglomerate ever in China. As part of the conglomerate, Perfect World Pictures has been one of the most famed films and television programs production companies in China with industry-leading creative and production teams and sustainable capabilities to produce content in cooperation with extensive IP resources. With its outstanding competence in creating original games in combination with superior IP resources, Perfect World Games, a global, fully-integrated developer and publisher of online games and also part of the conglomerate, has rolled out dozens of games that have not only been a hit in the domestic market but also exported to over 100 countries and regions worldwide. The two companies, each of which are recognized leaders in their respective fields, have combined to form China's largest movie and game conglomerate, putting them in a position to effectively integrate their resources and take full advantage of the synergies of the combination. The formation of the conglomerate undoubtedly addresses the drawbacks that have, to date, hobbled the integration of the two industries in China, including lack of an effective model for collaboration, lack of willingness to collaborate, and deficient development of IP resources. The move further promotes the true convergence and integration of movies and games across the country.
In addition, Perfect World has entered into a cooperation agreement with Universal Pictures, in a move to promote the availability and popularity of Chinese films worldwide by leveraging Perfect World Games' experience in global operations and its partnerships with several well-known international film producers.
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