Alibaba's Jack Ma Courts Hollywood; Wants More US Entertainment for Chinese Households
Vittorio Hernandez | | Oct 26, 2014 01:55 AM EDT |
Chinese households could possibly have a new route to watch Hollywood-produced movies courtesy of Alibaba, the Chinese e-commerce giant founded in a garage by former teacher Jack Ma.
Ma will arrive in the U.S. this coming week to lead a group of Alibaba Group Holdings executives who will meet in Los Angeles with six entertainment companies that could possibly give the Hangzhou-based company rights to distribute U.S. movies and TV shows in the mainland, reports Reuters.
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The six companies are Walt Disney, Paramount Pictures, Warner Bros, Sony Corporation, Universal and Lions Gate Entertainment.
Ma will take part in the WSJDLive technology conference as he seeks newer products and services that Alibaba (NYSE: BABA) could offer beyond that traditional online products. Among these are more digital products such as movies, games and TV programs.
Since March, Alibaba had invested over $3 billion in the entertainment industry. That month, the company acquired an $805 million controlling stake in ChinaVision Media Group, a movie and TV content producer, while in April, Alibaba bought an 18.5 percent share in Youku Todou Inc, a Chinese online video streaming site similar to YouTube. The venture is in partnership with Yunfeng Capital, a private equity firm which has Ma among its founders.
In July, Alibaba inked an agreement with Lions Gate to launch a subscription streaming service in China, Lions Gate is the studio behind the very popular "Hunger Games" movies, starring Academy Award winner and celebrity nude leak victim Jennifer Lawrence. Alibaba also included in the deal is the TV series "Mad Men" to be streamed to Chinese subscribers.
Explaining Alibaba's aggressive move to expand its entertainment offering, Alex Wang, analyst at IResearch, an Internet consulting company based in Beijing, said, "Entertainment and film is a very important part of Alibaba's ecosystem ... The film industry is a really lucrative business, which will become an important growth driver for Alibaba," quotes New Zealand Herald.
Besides Alibaba, Chinese companies Fosun International and Dalian Wanfa Group had expanded their partnerships with Hollywood companies. In June, Fosun invested $200 million in Studio 8 and talked with Lions Gate on investing in the entertainment company.
Tagshollywood, The Hunger Games, Jack Ma
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