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28-02-2018, 02:01 PM
Chinese love story helps Alibaba Pictures’ content segment record profit after years of losses
Company as a whole recorded a net loss of 950 million yuan due to high marketing expenses in promoting Tao Piao Piao online ticketing platform
By Zen Soo
PUBLISHED : Wednesday, 28 February, 2018, 12:55pm
UPDATED : Wednesday, 28 February, 2018, 12:55pm
Thanks to a movie where popular Chinese actress Liu Yifei plays a goddess embroiled in a complicated love story spanning hundreds of years, Alibaba Pictures has for the first time posted a profit for its content production segment after consecutive years of heavy losses.
Once Upon a Time, based on bestselling fantasy novel Three Lifetimes, Ten Miles of Peach Blossoms, made 534 million yuan (US$84.5 million) at the Chinese box office, helping Alibaba Pictures’ content production segment earn a profit of 4.1 million yuan in 2017, up from losses of 243.5 million the previous year.
However, the company as a whole recorded a net loss of 950 million yuan, primarily due to high marketing expenses incurred in promoting its Tao Piao Piao online ticketing platform, the company said in its earnings statement.
More details in http://www.scmp.com/tech/china-tech/arti...ent-record
Company as a whole recorded a net loss of 950 million yuan due to high marketing expenses in promoting Tao Piao Piao online ticketing platform
By Zen Soo
PUBLISHED : Wednesday, 28 February, 2018, 12:55pm
UPDATED : Wednesday, 28 February, 2018, 12:55pm
Thanks to a movie where popular Chinese actress Liu Yifei plays a goddess embroiled in a complicated love story spanning hundreds of years, Alibaba Pictures has for the first time posted a profit for its content production segment after consecutive years of heavy losses.
Once Upon a Time, based on bestselling fantasy novel Three Lifetimes, Ten Miles of Peach Blossoms, made 534 million yuan (US$84.5 million) at the Chinese box office, helping Alibaba Pictures’ content production segment earn a profit of 4.1 million yuan in 2017, up from losses of 243.5 million the previous year.
However, the company as a whole recorded a net loss of 950 million yuan, primarily due to high marketing expenses incurred in promoting its Tao Piao Piao online ticketing platform, the company said in its earnings statement.
More details in http://www.scmp.com/tech/china-tech/arti...ent-record
Specuvestor: Asset - Business - Structure.