The latest Alibaba news is about the strategic partnership between Shanghai International Film Festival and the e-commerce giant. This symbols the beginning of the company’s bid of boosting its presence in the entertainment sector.
It is said that Alibaba has spent more than $3 billion in entertainment sector in the last year. The company that is wealthy enough, was finding the content and any acquisitions there might be in Hollywood, however, it still has to make major and prominent move there.
Founder of Alibaba and also the executive chairman, Jack Ma seems ambitious about being international and also being the major player. Jack described the company as “the biggest entertainment company in the world.”
According to the Alibaba news, the deal aims of integrating the platform perks of the e-commerce giant and also assisting the newcomers in the industry. Furthermore, the deal purposes to support connections with the film fanatics and also analyzing the forthcoming plans regarding the film industry. The launch took place at China Art Museum. The Dep. GM of Shanghai International Film Festival said:
"The Festival will become a unique international event that fuses together two strong advantages, possessing the DNA of the internet, providing the ultimate experience, exploring the future of the industry and gradually cultivating the industry’s new and powerful energy."
Yulebao which is Alibaba’s crowd funding-like service shall become an officially chosen partner for interactive entertainment of the festival. Taobao Dianying will be a platform for Shanghai International Film Festival’s ticketing processes.
Vice President of Alibaba thinks that this partnership is going to make use of the platform advantages that the company has provided. The company and the partnership shall facilitate the business with more potential to explore in the upcoming times. There were many investors who invested into the fund when Yulebao was launched last year.
According to Liu, $53 million had been raised using Yulebao and also it capitalized in 12 films that were the blockbusters of 2014. The box office of all these films, together, was $480 million. It is nearly 10% of Chinese cinema stats of year 2014. Yulebao has a plan to invest up to $240 million in the films this year.
This deal also marks the growing festival connection in China as Shanghai International Film Festival shall take place in June and its competitor, Beijing International Film Festival will be in April. This partnership is predicted to look into Tmall Magic Box device which will enable the users to bring the SIFF to their living rooms.
No comments:
Post a Comment