Alibaba announces new deals in television, movie industries
E-commerce mammoth Alibaba Group Holding is building a stronger presence in the entertainment industry, announcing two more strategic partnerships to celebrate the first anniversary of Yulebao, its online investment platform for digital entertainment products.
Shanghai-based Yoozoo Culture and Media Co is working with Yulebao in the production of the film The Three Body. Alibaba excels at the analysis of big data, so it is a strong partner for movie production and distribution, said Kong Xiangzhao, Yoozoo's chief executive officer.
"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 said.
