Chinese e-commerce giant Alibaba saw earnings increase by 56 percent to $7.40 billion from the three months to June. Net income was up by 96% to $2.07 billion.
Its electronic media and entertainment branch — now considered as a core business field — had earnings of RMB4.08 billion ($600 billion), however, remained heavily loss-making. Net losses in the interval were reported as RMB1.75 billion ($257 million).
The group portrayed the quarter for a period of continuing investment from the branch. “The direction attention of our electronic media and entertainment section was on expanding our accessibility to quality material, creating (s*******g video system) Youku Tudou’s subscription based company, and expanding the services and products of (cellular browser) UCWeb,” the group said in a statement.
It said that its strategy of acquiring and growing licensed and original content afforded hit drama and variety shows during the quarter and that daily average subscribers of Youku movie subscriptions had more than doubled in comparison with a year ago. But, market reports currently put Youku in third place behind s*******g competitions iQIYI along with Tencent Video.
“We believe that a strong pipeline of articles, especially with a focus on first content together with prominence of articles availability and broadcast timing flexibility, will bring us sustainable long-term advantages in movie entertainment,” it said.
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