Tencent put up an initial investment but declined to disclose the figure. However, according to people familiar with the matter, the amount is said to be in the double-digit millions.
Ookbee U will focus on growing a content ecosystem comprised of user-generated comics, music, blogs, fiction stories and novels. It plans to generate over 1 million items of user-generated content in three years.
In an official press release, Tencent reinforced its commitment to growing its presence in Thailand.
“This JV reinforces our commitment to Thailand and supports our Thailand strategy to grow our digital content platforms. With Tencent (Thailand)’s existing properties in Sanook.com, the country’s number 1 web portal for the past 18 years, and JOOX, the country’s number 1 mobile music streaming application, we are confident that our investment into Ookbee U will further strengthen our position to capture the promising potentials in the dynamic local creative media market,” said Poshu Yeung, Vice President, International Business Group, Tencent.
Founded in 2011, Ookbee first started off as an e-book platform before expanding its coverage to include user-generated comics, novels, music, short videos, and idea sharing. It now has over 8 million users, and it operates in Thailand, Malaysia, Philippines, Indonesia, and Vietnam.
“We believe our JV [joint venture with Tencent] will be very well positioned to capture the opportunities in both Thai and SEA markets given Tencent’s industry expertise and tremendous resources in both domestic and international markets, together with Ookbee’s deep root in Thailand’s digital media market,” said Moo Natavudh, CEO of Ookbee, in an official press release.
Image Credit: Ookbee