(Yicai Global) June 20 -- Alibaba Pictures Group Ltd. [HKG:1060] aims to undergo its most significant shift since its establishment and become a film and television infrastructure company concentrating on technology and digital platforms.
"Alibaba Pictures Group will not compete with upstream content providers in the future," Yu Yongfu, the company's chairman and chief executive, said on June 18.
"But this does not mean that Alibaba Pictures will give up content production in the future," said Yu, who is also the chairman and CEO of Alibaba Digital Media & Entertainment Group. Alibaba Pictures will continue to produce content without expanding and will place emphasis on quality rather than output, he said.
"We are similar to Amazon.com Inc. [NASDAQ:AMZN] in business direction, but the implementation approach is different," Yu told Yicai Global. Amazon's film and television entertainment is focused on online activity, but Alibaba Pictures also takes offline projects into consideration, he said.
Alibaba Pictures hopes to bring its strategy of using digital platforms to link local content, consumers and businesses to the Indian market and recently acquired India's second largest online movie ticket platform, TicketNew. Alibaba Pictures is also cooperating with Bollywood to produce a cricket themed series.
Alibaba Pictures Group is a cultural film and television entertainment subsidiary of e-commerce giant Alibaba Group Holding Ltd. [NYSE:BABA].