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Alibaba projects 271 pct surge in Digital Media & Entertainment revenue for FY17

ANI  |  New Delhi [India] 

UCWeb Inc's holding company, Alibaba Group on Friday reported a 271 percent jump (year-on-year) in its Media and Entertainment for the fiscal year ended March 31.

The information was released as part of Alibaba Group Holding Limited's financial for the full year and quarter ended March 31, 2017. The unit's for Q4 stands at USD 571 million, recording a 234 percent increase year-over-year.

Mobile internet services from UCWeb businesses, including mobile search and news feeds, as well as apps and game publishing across as well as key like and Indonesia are key contributors to the rise.

Reiterating its growing focus on globalization, Alibaba Media and Entertainment Group, in a significant move, elevated Jack Huang, President of Overseas Business, Alibaba Mobile Business Group to President of Alibaba Mobile Business Group.

Jack will report to the President Office of the Alibaba Media & Entertainment Group. During his term, Jack as the head of UCWeb's International Business Department led UC Browser, the flagship product of UCWeb, to become one of the world's top three mobile browsers with over 420 million global monthly active users (MAUs).

He has also helped the company to successfully gain over 100 million MAUs for its strategic product UC News only nine months after its launch in key Under Jack's leadership, the company has been working to bring the global mobile internet to an era of "GUF" (Google, UCWeb and Facebook).

"Globalization, Digitization and Content are the three key strategic focus and growth drivers for Alibaba Media and Entertainment Group in the future. UCWeb, as one of the earliest and most successful unit in Alibaba Group's global businesses is playing an increasingly significant role in the global blueprint of the entire group," said Partner of Alibaba Group and Chairman and CEO of Alibaba Media and Entertainment Group, Yongfu Yu.

"The recent restructuring in leadership team is a step forward for the group to embrace the challenges and opportunities that lie ahead for us in strategic markets such as India, Indonesia and Russia.

I am confident that Jack is well-appointed to help the Group achieve many more significant milestones in our global success story," added Yongfu Yu.

"UCWeb is experiencing rapid growth in its international user base and is taking giant leaps in transformation and high-quality content consumption in not just in but also prominent markets like India, Indonesia and Russia. Users today are embracing diverse forms of content and UCWeb is at the forefront, delivering curated and customised content," said President Alibaba Mobile Business Group, Jack Huang.

UCWeb is investing two billion rupees for driving content distribution in and Indonesia over the next two years. The investment falls under Alibaba Media and Entertainment Group's earlier announced investment of 50 billion yuan (USD 7.2 billion) in content over the next three years. UCWeb is now targeting more diversified and localised content on its platform to make the local content ecosystem stronger. The company is also leading the user-generated content ecosystem through the We-Media Program.

Alibaba Holdings' newly-formed media arm, Alibaba Media and Entertainment, is a total consolidation of Alibaba's media businesses, including video website Youku Tudou, UCWeb and Alibaba Pictures Group as well as the company's sports, games, literature, music, and the entertainment divisions.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, May 19 2017. 14:57 IST