ByteDance extends move into online novels market
Chinese Internet technology company ByteDance has become the new stockholder of Mymind Culture (Wu Li Wen Hua in Chinese, http://m.wuliwenhua.com), acquiring 13.04 percent, through its investment arm Beijing Quantum Jump Technology, 36KR reported (https://36kr.com/p/5275827)
Mymind Culture operates five reading platforms to help authors publish and distribute their works targeting different age groups, pursue commercialisation of original works, filmmaking, games, cartoons, and new media. It also runs a public account on WeChat to engage in the fans economy.
Readers can read novels free of charge in certain time period or become subscribers through the Mymind Culture app, which makes profits from advertisement. The company said it has signed contracts with over 4,000 authors.