, Columnist
China Reinvents Literature (Profitably)
Online serials have become a new art form -- and business model.
The new bookworms.
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Smartphones may be killing print in China, but they're revolutionizing literature. Last year, 333 million Chinese read fiction written for their phones and other devices, according to government data. Some is written by hobbyists and some by professionals. Increasingly, though, it's hard to tell the difference, as China's "online literature" morphs into a $1.3 billion industry.
Investors have taken note. On Wednesday, China Literature Ltd., the country's biggest online publisher, will go public in Hong Kong, with a market value expected to exceed $6 billion. Its success should put the rest of the publishing industry on notice that the future of the book is being written in China -- and it looks nothing like the past.