Chinese cable DTV operator Shanghai Interactive TV (SiTV) recently spun off its gaming channel as a wholly-owned subsidiary, Shanghai Game Fengyun (Gamefy) Cultural Media Co., Ltd., with RMB 10 mln in registered capital, with plans for an eventual IPO.
The company [which is part of Shanghai Media Group ] will operate SiTV’s Gamefy paid DTV gaming channel nationwide.
SiTV obtained a license for the business from China’s State Administration of Radio, Film and Television’s (SARFT) in 2004.
Zhang Zhexi, general manager of the new company, said the subsidiary’s total operating revenue was approximately RMB 40 mln in 2011, with revenue expected to reach RMB 100 mln in 2012 for an annual growth over 150% in the three years since 2009.
Zhang added that Gamefy has formed a strategic partnership with US-based game developer Activision Blizzard to host Activision Blizzard’s Battle.net China, Asia, and World Championships this year.
Source: 21st Century Business Herald (15/08/2012)