China is one of the biggest markets in the world for anything – and that stands true for the media consumption world too. Now, there is news that the holding group, Alibaba Group Holdings is making a digital media and entertainment business too.
It all makes sense though. Alibaba’s revenue from media and entertainment business increased by 30% at the year over year scale. The behemoth said in an earnings report that Alibaba will invest more in their media and entertainment business and plans to spend $7.2 billion over the next three years.
What effect this announcement will have on the global web streaming market is yet to be decided. It is not sure whether Alibaba will allow foreign film makers to put up their web series and short films on their platform.