Alibaba Entering Streaming Video Service Market in China with It’s Product Modeled on Netflix
Alibaba’s next venture is into the sector of streaming video service which the company is building on the model of Netflix. The launch of its new services called TMall Box Office is expected in a couple of months.
The new product which is subscription video, will extend the presence of Alibaba in the field of digital entertainment
It’s not a new transaction in this field for Alibaba as the company has struck several deals in related fields to strengthen its portfolio in entertainment business. The company has earlier acquired stakes in some top streaming video companies in China.
Alibaba had launched a video subscription service last year with Lionsgate, which is offered to the customers via its Internet television set-top box.
Patrick Liu, Alibaba’s head of digital entertainment business said, “Our mission, the mission of all of Alibaba, is to redefine home entertainment. Our goal is to become like HBO in the United States, to become like Netflix (NFLX, Tech30) in the United States.”
The market for streaming video in China is becoming crowded rapidly as the incentive is great as the nation is the third largest market for media and entertainment in the world.
Even Netflix is also considering of making an entry into the growing Chinese entertainment market.
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