Posted on 12/29/2016 2:27:44 AM PST by 2ndDivisionVet
"I didn't come to play," the Chinese internet giant's new head of entertainment said in a memo.
Alibaba Group's top entertainment executive is cementing his reputation as a bold leader at the Chinese e-commerce giant.
Yu Yongfu was named CEO of Alibaba's newly consolidated media and entertainment subsidiary in October. This week, the 40-year-old executive pledged to invest $7.2 billion (RMB50 billion) in media and entertainment over the next three years, adding that he "didn't come to play." Content will be a focus of investment, he also said. The statements were made in an internal memo reviewed by Reuters.
An Alibaba Group spokesperson confirmed the memo but declined to elaborate on the plans.
Alibaba brought all of its media and entertainment holdings under one affiliate in October, at the same time that Yu was placed at the group's head. The new Alibaba Digital Media and Entertainment Group comprises the film studio, Alibaba Pictures Group, streaming video giant Youku Tudou, Hong Kong's South China Morning Post newspaper, and various other sports, games, literature, music, and digital entertainment divisions.
Yu's his rise within Alibaba has been swift and relentless. He joined the company via an acquisition in 2014, and was named CEO of the group's mobile internet division in 2015. Part of his new appointment in October included taking over Alibaba Pictures Group as CEO, despite his limited background in film. He replaced Zhang Qiang, an industry veteran and former head of China Film Group (for more on Yu's history, see here).
Founded in 2014, Alibaba Pictures has begun gathering momentum in the second half of 2016. The studio entered into a strategic partnership with Steven Spielberg's Amblin Entertainment in October. And the first Alibaba Pictures film, See You Tomorrow, opened at the top of the Chinese box office last weekend. Seventeen other films and two TV shows are in development or production at the studio, including a young adult project produced by David Heyman (Harry Potter) and a video game adaptation directed by Renny Harlin.
Missed the jobs estimate & couldn’t find anything in the piece about how much of the $7+ bb would be spent in the US??
Sounds really great!
where did l miss it??
Many of his subscribers are falling on hard times. I am getting all sorts of solicitations from people I have sent inquiries to and also from several I had never heard of. Maybe that is why he is opening new opportunities while others are closing.
Communists do understand the value of the media as a tool in the propaganda toolbox.
If someone is paying your check...you are less likely to speak out against them.
Well, whatever I hope it’s more “content” than today’s “entertainment”?
My wife and I have started to watch a lot of tv from Asia the last year. They are dead serious about raising the quality of TV.
We have found some truly great Dramas. Dramas are somewhere between a miniseries, and a soap opera. Typically 16 hours long in total. Some of the writers are amazing for these shows.
They do believe in fate and extreme coincidence in the stories, so be aware of that or you will be saying “Oh come on! “ quite a bit ! hahahaha
Also and they love to work your emotions from happy to sad.
Some of these shows take a couple episodes to hook you, others do right away.
Some good ones..
Goblin - amazing story of an immortal general ,punished by the Gods
She was pretty -rom com
Signals -great police story with a twist
My love from another star - Scifi rom-com
The Chicoms will invest in Hollywood? Okay, Commies taking over Commies - Fair Trade...
Hollywood, Los Angeles and Silicon Valley are where most of this type of work is done. They’re all three in the United States.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.