Tencent adjusts its business segments and merges Tencent Pictures into CDG: making money is not the first goal

Today (February 10), according to an exclusive report from Jiemian News, the main part of Tencent Pictures will be adjusted from PCG (Platform and Content Business Group) to CDG (Corporate Development Business Group), and Tencent Group Vice President and China Literature CEO Cheng Wu will continue to lead this business segment.

Tencent Pictures was established in September 2015 and is a wholly-owned subsidiary of Tencent. It was once part of IEG (Interactive Entertainment Group). In Tencent's "930" reform in 2018, most of its entertainment businesses, including Tencent Pictures, were incorporated into PCG.

After this adjustment, Tencent Pictures, as the film and television label of Tencent, will focus on the development of contemporary works and assume more social responsibilities. The original IP film and television development work with strong commercial attributes of Tencent Pictures will be handed over to New Classics Media and Yuewen Film and Television under Yuewen Group, as well as Tencent Animation under PCG.

Tencent Pictures has participated in a large number of related film and television works, such as "1921" which was released on July 1 last year, and "The World", a TV series that set a new record for CCTV-1 in nearly three years. According to a person close to the adjustment within Tencent, the group will continue to support Tencent Pictures in developing more such film and television works, and making money is not Tencent's first goal in film and television.

After the adjustment, Tencent Pictures' planned and under-development projects will not be affected, including the second season of Joy of Life, The Son-in-law 2, and Under One Person (film and TV series). New Classics Media will focus on the production of top IP projects, while Yuewen Film and Television will be responsible for tapping into Yuewen's resources, focusing on joint development with external parties, and promoting the film and television adaptation of online literature IP. Tencent Animation will be responsible for cultivating Chinese comics IP and jointly promoting the film and television adaptation of animation IP.