Alibaba seems to always be in the news for something, whether it is their earnings projections or new companies who have joined with the e-commerce platform. Today, they are being heard all around China as Alibaba, along with Tencent, have invested into an Internet-TV startup that is owned by China Media Capital company.
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The Internet-TV startup is a product of Whaley Technology, which was founded by Li Ruigang, the CMC chairman. In total, the startup now has four partners, including CMC, China National Radio who holds the license for Internet-TV, Alibaba and Tencent. It is still unclear how much Alibaba or Tencent invested into the startup. But Whaley Technology has stated that they have raised around 2 billion yuan capital for the startup.
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Alibaba and Tencent are going to be the providers of content for the startup, while Whaley Technology will focus on the hardware that Chinese consumers will need. Starting august 18th, 2015 Chinese customers can start making purchases of the hardware which is a 55 inch, 4K resolution smart television. It is set to have a price of 3,799 yuan. Preorders are already being accepted via Tmall and Whaley Technology’s website.
This is meant to be a fast growing market with numerous Chinese customers looking to find a method of entertainment that does not have that many restrictions, but is also dependable. This is where the smart TV that has access to the internet hopes to make a splash. Thus far, Chinese consumers have only had the option of utilizing Xiaomi and LeTV for smart televisions. So will the startup be successful now that Alibaba and Tencent have joined their force?
Most people are stating a resounding yes to this question. They are betting on the fact that Alibaba and Tencent have thousands upon thousands of loyal customers. In addition, Alibaba is known for making ideas work to Chinese customers through adapting this in any way that they can. This venture is one that many Chinese consumers are interested in as they want dependable and affordable TV options, which is what this startup is bringing to the table.