Founder of Chinese online video streaming site Tudou, Gary Wang, will set up an animation film studio in Beijing starting April 1 to create films targeted at the domestic market.
In a Wall Street Journal report Tuesday, the Internet entrepreneur said he had secured tens of millions of dollars to set up the animation film studio. He received the funding from an international group of investors which he declined to name.
Wang said "the time was right" to set up such a film studio due to an improving environment for movie distribution, promotion and copyright in China. He said with more theater screens in China and the rising income levels in urban areas had increased the potential return to justify the investment.
However Wang noted that returns will come in the long term as each film will take several years to produce. He added the investors understood the long-term nature of their investments.
According to WSJ, Wang has written a script for a Chinese play and a libretto for the San Francisco Ballet. He believes his understanding of Art and technology, and his experience at Tudou working with local content developers will benefit his venture into animation.
Wang stepped down from his role as CEO of Tudou when the online video site merged with rival company Youku in August 2011.