China’s Alibaba Commits $640 Million to Hong Kong Film, TV Development
variety.comThe move was announced on the first day of FilMart, the annual rights market for the Asian industries, at an event attended by Fan Luyuan, chairman and CEO of Alibaba’s digital media and entertainment unit, and Kevin Yeung, the Hong Kong government’s secretary for culture, sports and tourism.
Alibaba’s Hong Kong Cultural and Art Industry Revitalization Program “will focus on film production and distribution, rights acquisitions, TV series production, investments in concerts, collaboration with performance venues and talent development, etc.
It will also work with leading local film and TV companies to co-produce films for cinemas, TV dramas and dramas for streaming platforms,” Yeung said.
He also expects Alibaba’s digital media unit to make Hong Kong its second headquarters. Alibaba Pictures, a subsidiary that includes some of Alibaba’s media assets, but excludes the Youku streaming platform, is already listed on the Hong Kong stock market.
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