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of <h1>Entertainment platform turns original shows into offline attractions and merch, driving RMB300M+ GMV and expanding immersive venues</h1> A leading online entertainment platform reported growth in its Experience Business by converting original shows and characters into offline attractions and consumer IP products, leveraging authorized IP from internal studios and partners. The company manages the full product lifecycle in-house, using DRM and AI, and reported over RMB100 million GMV from self-operated collectible cards in H1 2025 and more than RMB200 million GMV from broader merchandise collaborations. It operates 50+ immersive theaters across about 30 cities and is developing theme parks in two cities, aiming to monetize IP derivatives and deepen fan engagement through physical experiences.
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