Alibaba to invest $640m in HK's entertainment industry
The digital media and entertainment unit of tech heavyweight Alibaba Group Holding Ltd announced on Monday that it plans to invest no less than HK$5 billion ($639.4 million) over the next five years to bolster the development of Hong Kong's culture and film industries.
The funds will be spread across Hong Kong-made TV dramas, movies, performances and cultivation of young talents, the company said. The investment is a part of broader plan to revitalize Hong Kong's once-flourishing entertainment sector.
Alibaba's video-streaming platform Youku will partner with a slew of local companies such as TVB, Shaw Brothers Pictures, and Media Asia Group to produce TV series.
The Beijing-based Alibaba Pictures, Alibaba's film arm, said its second headquarters will be located in Hong Kong. It has also signed a five-year strategic partnership with the Hong Kong Baptist University's Academy of Film to give scholarships to 20 young filmmakers.
Related articles
What a blast to work at NASA. Space agency is sky
WASHINGTON (AP) — Exploring the cosmos makes for happy employees, federal workers like to work from2024-05-21Phones, Islamic books and currency exchange. Some businesses are making money out of Taliban rule
KABUL, Afghanistan (AP) — Yunis Safi, a businessman in Kabul, knows very well the importance of show2024-05-21Lele Pons reveals she was attacked by pit bull while defending her dog from being mauled
Lele Pons has revealed she was attacked by a pit bull after it attempted to savage her dog.The YouTu2024-05-21The Islamic State group says it was behind a mosque bombing in Afghanistan that killed 6 people
ISLAMABAD (AP) — The Islamic State group has claimed responsibility for a deadly shooting this week2024-05-21Hall of Fame outfielder Ken Griffey Jr. to lead Indianapolis 500 field in Corvette pace car
INDIANAPOLIS (AP) — Hall of Fame outfielder Ken Griffey Jr. will drive the pace car for the 108th ru2024-05-21Life coach Michelle Elman, 30, will address break
Life coach Michelle Elman flew back to the UK this morning a day after revealing she had dumped her2024-05-21
atest comment