According to American media reports, Chinese e-commerce site Alibaba is assiduously making its way into the film world. Established in 1999 the firm is today considered to be the top online retailer in the world. It appears after conquering the domain the tech giant is now diversifying its interests.
Alibaba has been the talk of the town. After acquiring a controlling stake in competing e-commerce site ChinaVision in March earlier this year, the firm bought a 20% stake in Chinese cable TV firm Wasu Media Holdings. Then last month, the tech-titan acquired more than 18% shares in Youku Tudou, China’s largest video-hosting platform.
Now, if reports are to be believed Alibaba is diving into the deep-end with the launch of its own film production company. Though not as popular or diverse as Hollywood or Bollywood, the Chinese film industry is extremely well-established. With blockbuster releases like ‘Hero’ starring Jet Li, and ‘Crouching Tiger, Hidden Dragon’ starring Chow Yun-Fat, China is among the biggest markets in the world.
Named the Alibaba Pictures Group, the film company has received a total investment of more than $6 billion. The company will operate under Zhao Chao and Dong Ping who are the firm’s directors. China is also home to some of the most popular and beloved film talents in the world including international superstar Jackie Chan, the stunning Zhang Ziyi and martial arts legend Bruce Lee.
It all seems like a very carefully laid-out plan. ChinaVision will provide Alibaba access to media through cable TV. Youku Tudou will help push their content through online media. And Wasu Media will provide global distribution… It appears Yahoo were smart, to tie their entire market value to the Chinese Juggernaut.