Alibaba to invest big time in entertainment taking on Netflix and Amazon
2016 was a year of marked investment in content from the likes of Netflix, Amazon and Alphabet. But there are more companies entering the fray including Facebook and even Apple. Given the global thirst for content, which both Amazon and Netflix are aiming to cater to, it comes as little surprise that Alibaba is looking to invest in Content, which we all know is King. If there is any question about that, we’d point you to the US box office and Rogue One: A Star Wars Story.
Alibaba Digital Media and Entertainment Group, the entertainment affiliate of Alibaba, plans to invest more than 50 billion yuan ($7.2 billion) over the next three years, the affiliate’s chief executive said.
In an internal email seen by Reuters and confirmed by an Alibaba group spokeswoman, the affiliate’s new CEO Yu Yongfu pledged to invest in content, saying “he didn’t come to play.”
Alibaba’s entertainment business underwent a major reorganisation in October, marking a total consolidation of the company’s media assets.
Source: Alibaba entertainment affiliate to invest over $7 billion over next 3 years
