Smartphone maker Xiaomi to invest in moviemaking
One of the leading smartphone manufacturers, the Chinese company Xiaomi, will invest an impressive amount in moviemaking. This was reported by the China Daily, citing company executives. A joint venture called New Saint will be formed in partnership with Huayi Brothers Media. The size of the contribution of each of the parties is not specified. Note that Xiaomi is not the first Chinese tech giant aiming to gain its share of the video content production market. Previously, China's largest search engine Baidu, e-commerce marketplace Alibaba and Tencent have either formed new or acquired stakes in existing entertainment companies. In 2014, Xiaomi announced its readiness to invest one billion dollars in the production of television and network content. The company has also invested about $ 300 million in the streaming service iQiyi, in which search engine Baidu owns a stake. Recall that Xiaomi ranks fourth in the world in terms of sales and market share among smartphone manufacturers, behind only Apple, Samsung and Huawei. The Topic of Article: Smartphone maker Xiaomi to invest in moviemaking. |
