Alibaba To Offer Netflix-like Video Streaming Service In China
Alibaba Group Holding Ltd (BABA.N) is gearing up to build an online video streaming platform. The group is planning to launch the service in China in about two months.
The company’s goal is to emulate the standards set by the U.S.’s Netflix Inc (NFLX.O) and HBO, the firm’s head of digital entertainment said on Sunday.
Alibaba has named the service as ‘TBO’, or Tmall Box Office. The group will buy the content from various countries along with in-house production.
TBO is launching in China where many companies have already created a competitive environment for the similar trade. Each year, billion of dollars are being spent by companies, like Tencent Holdings Ltd (0700.HK), Baidu Inc’s (BIDU.O) iQiyi, Sohu.com Inc (SOHU.O) and Leshi Internet Information & Technology Corp Beijing (LeTV) (300104.SZ) to entice the audiences with variety of content, reports the Reuters.
“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 in the United States,” said Patrick LiuLiu, Alibaba’s Head of Digital Entertainment.
Liu told reporters in Shanghai that his company will offer 90 percent of TBO’s content either by monthly subscription or on a show-by-show basis. The rest of the content will be free for the audience.
According to some reports, Netflix has also plans to venture in the colossal Chinese market. The company has, however, given no concrete timeline for the execution of its plans. Whatever, whenever Netflix will make such a move it will be interesting to see how TBO competes its ideal company on its own home ground.