Details of the deal involving Alibaba, Hunan TV and DMG have already been released. (Photo : Reuters)
Alibaba Group Holding, China's leading e-commerce giant, recently unveiled new television and movie deals. This is part of its efforts in building a stronger presence in the entertainment industry.
Alibaba has announced that it has inked two strategic partnerships in commemoration of the first anniversary of its online investment portal for digital entertainment offerings, Yulebao.
Yulebao is working with Shanghai-based Yoozoo Culture and Media Co. in the film production of "The Three Body."
Yoozoo's CEO Kong Xiangzhao said that Alibaba is a strong partner for film production and distribution as it excels in big data analysis.
"The crowdfunding platform of Yulebao helps to solve financing difficulties, which most movies will come across in the production process. We will also gain more profits by selling peripheral products on Alibaba's e-commerce platform," Kong shared.
Alibaba Digital Entertainment Group president Liu Chunning stated that the central government's Internet Plus program is a big boost for the advancement of the Chinese movie industry.
Last year, Yulebao has invested 510 million yuan in Chinese movies, gathering in 3.7 billion yuan in box-office receipts. The figure is tantamount to 8 percent of the whole Chinese box-office earnings in 2014.
Apart from the Yoozoo partnership, Alibaba also announced that it has signed a strategic deal with Hong Kong's Television Broadcasts.
TVB authorities stated that with the partnership, they will be able to reach more audience in Hong Kong, Taiwan and Chinese mainland. The partnership has come in time, as the Hong Kong firm has seen a recent decline in the mainland market.
TVB's total sales revenue has dropped from HK$402 million to HK$383 million last year. Meanwhile, its total income reached HK$5.37 billion in 2014.
The Alibaba-TVB agreement will release TV series and movies, and sell derivative products via Alibaba's e-commerce platform.
