GHY Culture & Media announced that its indirect associated company Tianjin Changxin Film & Media has entered into a production collaboration agreement with Beijing Zitiao Network Technology, a part of the ByteDance Group which operates Douyin. Douyin is a short-form video platform and one of China’s largest social networks.
Under this collaboration, the two parties will produce an online short drama series titled “Goddess Hotel” which was released on Douyin on July 5. The online short drama series will have a total of 15 episodes, with each episode approximately 4 minutes long.
The coproduction of this online short drama series is part of the group's business strategies and growth plans to create more monetisation opportunities, and to further diversify its portfolio of entertainment products and its distribution channels.
Riding on the high viewership of its first online short drama series "Whimsical World" in October 2020, GHY has subsequently released additional short-form videos in different genres which have seen similar success on various video platforms.
GHY believes that this collaboration to produce and launch this online short drama series on Douyin's short-form video platform is an encouraging step towards the strengthening of the its online entertainment product offerings and the development of new revenue streams.
This collaboration and the release of the online short drama series with Douyin is 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 and the technology ecosystems, which it believes is crucial to the expansion of the its business and the execution of its long-term growth plans.
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Shares in GHY closed at 50 cents on July 12.
