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China, India drive Alibaba's UCWeb revenue up 271 pc

Press Trust of India  |  New Delhi 

Alibaba group firm UCWeb today reported a 271 per cent year-on-year jump in its media and entertainment for 2017 financial year on account of growth in China, and Indonesia.

"UCWeb Inc's holding company, Alibaba Group has reported a 271 per cent jump ,year-on-year, in its media and entertainment for the fiscal year ended March 31, 2017," the company said in a statement.

"The unit's for fourth stands at USD 571 million, recording a 234 per cent increase year-over-year. Mobile internet services revenue from UCWeb businesses, including mobile search and feeds, as well as apps and game publishing across as well as key like and Indonesia are key contributors to the revenue rise," the statement said.

Alibaba Media and Entertainment Group elevated its Alibaba Mobile Business Group President for overseas business Jack Huang to the position of President of Alibaba Mobile Business Group.

He will now report to the President Office of the Alibaba Digital Media & Entertainment Group.

"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," Alibaba Digital Media & Entertainment Group Chairman & CEO Yongfu Yu said.

UCWeb has announced plans to Rs 200 crore for driving content distribution in and Indonesia over the next 2 years. Out of this, Rs 120 crore is estimated to be invested in India.

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

First Published: Fri, May 19 2017. 21:48 IST