The digital media and entertainment unit of tech heavyweight Alibaba Group Holding Ltd announced on Monday that it plans to invest no less than HK$5 billion ($639.4 million) over the next five years to bolster the development of Hong Kong's culture and film industries.
The funds will be spread across Hong Kong-made TV dramas, movies, performances and cultivation of young talents, the company said. The investment is a part of broader plan to revitalize Hong Kong's once-flourishing entertainment sector.
Alibaba's video-streaming platform Youku will partner with a slew of local companies such as TVB, Shaw Brothers Pictures, and Media Asia Group to produce TV series.
The Beijing-based Alibaba Pictures, Alibaba's film arm, said its second headquarters will be located in Hong Kong. It has also signed a five-year strategic partnership with the Hong Kong Baptist University's Academy of Film to give scholarships to 20 young filmmakers.
Related articles:
Related suggestion:
Cannes sets lineup with Lanthimos, Coppola and Trump film 'The Apprentice'Archaeological site is discovered within the boundaries of Holloman Air Force Base in New MexicoTobacco companies using Tiktok to target young peopleWill the Federal Reserve cut interest rates? With a robust US economy, it might not need toThe show goes on for Paramount with ‘Gladiator II,’ a new Damien Chazelle movie and moreHere's a look at moon landing hits and missesTotal solar eclipse 2024: Small towns prepare for crowdsJoel Embiid returns from injury scare, scores 32 as 76ers beat Magic 125Maine sues biochemical giant over contamination from PCBPosthumous memoir by Russian opposition leader Alexei Navalny to be published Oct. 22
2.4291s , 6498.1875 kb
Copyright © 2024 Powered by Alibaba to invest $640m in HK's entertainment industry ,Global Guide news portal