[SINGAPORE] GHY Culture & Media has tied up with leading Chinese online entertainment service provider iQIYI to produce two short-form dramas, in “a strategic opportunity to expand its entertainment offerings and revenue streams, and to capture the growing market for short-form dramas”, it said in a Monday (Jul 21) evening bourse filing.
Its indirect associated companies, Tianjin Changxin Film & Media and Beijing Changxin Film & Media, separately entered into joint production agreements with Beijing iQIYI Technology.
The parties will jointly produce Strange Legend of Tang Dynasty and The Ferry Man: 10th anniversary, which have completed filming and are in post-production.
Short-form dramas cater to those who prefer bite-sized entertainment, with each episode typically spanning one to two minutes. They are usually designed for mobile viewing on social media platforms such as TikTok, Douyin or Instagram, and produced in a vertical format.
Often featuring intense plot twists and rapid plot development, this format has grown increasingly popular.
In 2023, China’s micro-drama industry grew 267.7 per cent year on year, according to consultancy iiMedia Research, Chinese media reported last year. It is projected to exceed 100 billion yuan (S$17.9 billion) by 2027.
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The collaboration aligns with GHY’s business strategies and growth plans to create more monetisation opportunities, GHY said, adding that it will also further diversify its portfolio of entertainment products and distribution channels.
It noted that the group’s productions will be more visible and have a wider reach, leveraging on iQIYI’s extensive distribution network and marketing capabilities.
“They are also a testament to the strong network of business relationships and partnerships that the group has established with key industry players in the media and entertainment ecosystem, which the company believes is crucial to the expansion of the group’s business and the execution of its long-term growth plans,” GHY said.
The agreements are not expected to have any material impact on GHY’s earnings per share or net tangible assets per share for the financial year ending Dec 31, 2025.
The counter closed flat at S$0.16 on Monday, before the announcement.
