Tencent Penguin Pictures

Tencent Penguin Pictures (企鹅影视) is the in-house film and television production and commissioning label of Tencent Video, the streaming video platform operated by Tencent Holdings. It was established in 2015 as Tencent moved beyond licensing third-party content into producing and co-producing original Chinese-language drama series, films and variety shows for its own platform. The label sits within Tencent's digital content business, alongside Tencent Pictures (腾讯影业), which focuses more on theatrical film investment and production, and Tencent Music Entertainment and Tencent Games in adjacent entertainment segments. Penguin Pictures' core business is content: it commissions, produces and co-produces Chinese television dramas, web series, films and unscripted variety programming that premiere on Tencent Video. Its output spans costume and historical drama, contemporary urban drama, suspense and mystery series, youth and romance titles, and large-scale variety formats. Because Tencent Video is one of China's largest subscription streaming platforms, Penguin Pictures functions as a key supplier of exclusive original content that drives subscriptions and advertising revenue. The label operates in China's highly competitive long-form video market, where it competes for audiences and content with iQIYI (爱奇艺) and Youku (优酷), as well as with television broadcasters and independent production studios. Penguin Pictures typically works with external production companies, screenwriters, directors and talent agencies, acting as commissioner, financier and distributor rather than a fully vertically integrated studio. Its productions are distributed primarily through Tencent Video, with selected titles also licensed to television channels and other platforms. Ownership is indirect: Penguin Pictures is part of Tencent Holdings, a publicly listed company on the Hong Kong Stock Exchange, and is closely tied to Tencent Video's business unit. The brand is not separately listed and does not publish standalone financial results; its performance is reported within Tencent's broader media and content segments. As a sub-brand, its public identity is closely associated with the Tencent Video and Tencent corporate brands, and its slate is announced and promoted through Tencent Video's marketing channels.

Tencent Penguin Pictures was established in 2015, a period when Tencent Video was scaling from a distribution platform for licensed content into a major commissioner of original Chinese programming. Chinese online video platforms were shifting their strategies toward exclusive, self-produced content to differentiate in a crowded market and to build subscription businesses. Penguin Pictures was created as the production and commissioning label through which Tencent Video would develop and finance original drama series, films and variety shows. In its early years the label focused on building a slate of web dramas and variety formats for Tencent Video, working with external production studios and creative talent. As Tencent Video grew into one of China's leading streaming platforms, Penguin Pictures expanded its output across genres, including costume and historical drama, urban contemporary drama, suspense and mystery series, and youth-oriented romance, alongside large-scale unscripted variety programming. The label operates alongside Tencent Pictures (腾讯影业), Tencent's film-focused production and investment arm, and both sit within Tencent's broader digital content and entertainment ecosystem, which also includes Tencent Music Entertainment and Tencent Games. Over time, Penguin Pictures became closely identified with Tencent Video's original content strategy, with its productions branded and promoted as Tencent Video originals. As China's long-form video market consolidated around a few large platforms, Penguin Pictures competed for audiences, talent and intellectual property with iQIYI and Youku. The label's history is intertwined with the broader evolution of Chinese streaming: the shift from licensed to original content, the rise of subscription video on demand, tightening content regulation, and increasing investment in high-production-value drama series. Penguin Pictures does not publish standalone financial results; its performance is reflected within Tencent's media and content reporting.

• 2015

  Tencent Penguin Pictures established as the production and commissioning label of Tencent Video.

• 2015

  Tencent Video accelerates its shift toward exclusive original Chinese content.

Premium original Chinese-language streaming content produced for Tencent Video, competing with iQIYI and Youku in the long-form video market.

• Original Tencent Video drama series

• Variety and reality shows

• Films and co-productions

• Unconfirmed

  CMGE Partners With Tencent Penguin Pictures on Chinese Paladin 3 Animation[1]中手游与企鹅影视达成战略合作，共同制作《仙剑奇侠传三》动画番剧finance.sina.com.cn

  Reported: 2026-08-26

  CMGE signed a strategic cooperation with Penguin Pictures to co-produce the Chinese Paladin 3 animated series, which reached a peak in-site popularity of 18,103 shortly after launch.

1. 1中手游与企鹅影视达成战略合作，共同制作《仙剑奇侠传三》动画番剧finance.sina.com.cn