Alibaba Pictures launches US$300M investment fund amid sluggish box office figures
Alibaba Pictures is an asset the e-commerce aggressively builds across the film and television industry
Alibaba Pictures, the Alibaba-backed entertainment firm, announced the launch of a US$300 million investment fund on Monday, aimed at building assets across the television and film production chain.
The Hainan Pictures Entertainment Industry Investment Fund will be managed by China-based Wuhu Gopher Asset Management, a division of Noah Holdings Ltd.
In 2013 Gopher Asset Management participated in a similar 1 billion yuan (US$150 million) fund on behalf of Bona Film Group, together with Alibaba stakeholder Sequoia Capital.
Also Read: 6 user experience lessons every founder should know
Bona, which held a 30 percent stake in the aforementioned fund, has since delisted, with Alibaba taking on an approximate 9 percent stake in the film company.
According to a filing made to the Hong Kong Stock Exchange on Monday, Alibaba Pictures’ latest fund will “invest in companies along the value chain of the movie and TV entertainment industry.”
Alibaba Pictures have been investing aggressively in building out assets across the film and television production line. The firm recently purchased a stake in cinema management company Guangdong Dadi Cinema Construction, marking their first foray into physical cinemas. The entertainment giant also recently announced they are currently working on 17 film titles and two television programs.
Also Read: The rise of chatbots: targetting Southeast Asia’s booming chat commerce space
The fund’s public launch comes just days after Alibaba Pictures warned of increased losses due to the unexpected cost of marketing their newly rebranded ticketing platform, Tao Piao Piao. Corresponding with a significant downturn in China’s box office sales, Alibaba Pictures expects to post up to $58 million USD in losses.
—
The article Alibaba Pictures Launches $300M Investment Fund Amid Sluggish Box Office Figures first appeared on Technode.
Photo courtesy of Alibaba.
The post Alibaba Pictures launches US$300M investment fund amid sluggish box office figures appeared first on e27.
