China Literature, China’s largest online publishing and ebook platform, reported results for the year ended December 31, 2019. Sales for the company were RMB8.348 billion ($1.197 billion) in 2019, a 65.7 percent increase over the prior year. Operating profit was RMB1.194 billion ($171.1 million), a 7.1 percent increase. More than half those sales, however, $634 million in all, were from IP operations, which were mostly earned by New Classics Media (NCM), the major Chinese TV and film production studio the company acquired in October 2018 to create downstream opportunities from its content library. Sales from IP operations increased 341 percent year-over-year. […]
