Alibaba Digital Media and Entertainment Group has pledged to invest ¥50 billion in media and entertainment over the next three years. The new Alibaba Digital Media and Entertainment Group comprises the film studio, Alibaba Pictures Group; streaming video giant Youku Tudou; Hong Kong daily South China Morning Post; and various sports, games, literature, music and other digital entertainment assets.
Alibaba Pictures’ first film, See You Tomorrow, opened recently ahead of rivals at the Chinese box office. The studio, founded in 2014, also entered a strategic partnership with Steven Spielberg’s Amblin Entertainment in October 2016, and is currently in development with 17 films and two TV shows.