Alibaba Pictures first half revenue soars on back of online promotion and distribution business

Alibaba Pictures Group, the entertainment subsidiary of e-commerce titan Alibaba Group Holding, recorded a 313 per cent year on year jump in revenue for the six months ended June 30 amid aggressive moves to build its infrastructure for the mainland Chinese film industry.

“Having laid the foundation for its core business segments over the last two years, the group is expected to advance to a new phase of development,” said Alibaba Pictures chairman Yu Yongfu in a regulatory filing late on Wednesday.

The Hong Kong-listed company reported total first-half revenue of 1.1 billion yuan (US$165 million), up from 257.2 million yuan in the same period last year.

That substantial growth was primarily attributed to the increased contribution from its internet-based promotion and distribution business, Tao Piao Piao.

“As Tao Piao Piao further solidified its market position, it has been able to increase its revenue from both consumers for providing ticketing service, and from film producers for providing promotion and distribution services,” Yu said.