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Business

Alibaba Injects $640 Million to Revive Hong Kong’s Entertainment Powerhouse

March 13, 2024March 23, 2024By Cecilia Lu
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Alibaba Injects $640 Million to Revive Hong Kong’s Entertainment Powerhouse

Chinese tech giant Alibaba is injecting $640 million (HK$5 billion) into Hong Kong’s entertainment industry over the next five years, aiming to reignite the territory’s cultural and film scene. This significant investment goes beyond just cash.

Alibaba’s digital media and entertainment arm is spearheading the initiative, allocating funds to support Hong Kong-produced television dramas, movies, and live performances. Furthermore, they plan to cultivate the next generation of local talent. This revitalization effort extends to partnerships with established names in Hong Kong entertainment. Alibaba’s video streaming platform, Youku, will collaborate with industry heavyweights like TVB, Shaw Brothers Pictures, and Media Asia Group to bring new TV series to life.

Alibaba Pictures, the company’s film production arm headquartered in Beijing, is also establishing a second headquarters in Hong Kong. This move signifies a deeper commitment to the region. Additionally, Alibaba Pictures has partnered with the Hong Kong Baptist University’s Academy of Film for a five-year scholarship program, nurturing the talents of 20 aspiring local filmmakers. Through this comprehensive strategy, Alibaba is poised to play a major role in propelling Hong Kong’s entertainment industry back to its former glory.

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