Gary Wang, founder of Chinese Online Video Streaming Site Tuduo, will set up an Animation Film Studio in Beijing Starting from April 1. This Studio Mainly targets the domestic market.
Gary Wang said that he had secured millions of dollars to set up the Animation Studio. He received these funds from several international investors, he did not mention the names of these investors.
Gary Wang said "the time was right" to start his studio due to improving environment of movie distribution, promotion and copyright in China. He said, with increased number of theatres in China and rising income levels in Urban areas made the market to rise up to match up the investment.
He also said that the returns will come in long term as each animated film will take several of production. He added, the investors understood the long term nature of their investments.
Gary Wang stepped down from his role of CEO of Tuduo when the online video site merged with rival company Youku in August 2011.
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