Market Overview

Alibaba Wants More Hollywood Hits After Oscar Win

Share:
Alibaba Wants More Hollywood Hits After Oscar Win

Chinese internet giant Alibaba Group Holding Ltd (NYSE: BABA) made history last week after its "Green Book" film won the Oscar for Best Picture. Now the company is looking to capitalize on recent momentum by producing more Hollywood movies, according to co-founder and executive vice chairman Joe Tsai.

What Happened

Alibaba served as a co-financier of "Green Book," and the company is looking to continue investing in "quality productions," Tsai said during an interview with Bloomberg's Emily Chang on "Bloomberg Technology."

The company's financial involvement in Hollywood production also extends to China, as "Green Book" will make its domestic debut on March 1 in that country and Alibaba will sell tickets on its e-commerce platforms.

Why It's Important

It is unclear if the topic of movies is part of ongoing U.S.-China trade talks, but Tsai said the general trend in China is one of more openness to American content, including movies. This is important for American content makers looking to crack the Chinese market, which is somewhat restrictive in what it allows but is also poised to become the world's largest market in terms of box office sales.

What's Next

It remains to be seen if low-budget movies like "Green Book" can find critical success in the large Chinese market, according to Reuters. 

The Chinese market has proven to be more interested in big-budget blockbusters like "Transformers" and "Fast and Furious 8," which earned 2.67 billion yuan ($400 million) in 2017. By comparison, some estimates suggest "Green Book" could reach just 300 million yuan — and this assumes it will perform well in third- and fourth-tier cities.

Related Links:

Alibaba Analysts Stay Bullish After Q3 Print

3 Catalysts That Make Alibaba A Top Mega-Cap Pick At MKM

Posted-In: Bloomberg Green Book Joe TsaiMedia Best of Benzinga

 

Related Articles (BABA)

View Comments and Join the Discussion!
Lightning Fast
Market News Service
$199 Free 14 Day Trial
Book A Demo
Learn How You Can Succeed In The Market With Benzinga Pro

Fastest Market News

Real-Time News Alerts

Customizable News Filters

Book A Demo

Analysts: Campbell's Soup Will Cool Down

FDA Commissioner: Regulatory Process For CBD Edibles Kicks Off With April Hearings