Just last week Xiaomi announced its plans to invest as much as $1 billion in video content for its smart TV ecosystem. Today, the Chinese company has announced its partnership with Youku Tudou, the country’s largest video streaming company, Reuters reports. Also Read - Mi Band X strapless smart band with 360-degree flexible display under works?
Both the companies have issued a statement regarding the partnership, and Xiaomi will be buying a stake in Youku Tudou. There is however no word on how big a stake the company plans on buying or how much Xiaomi is spending. Also Read - Best laptops under Rs 40,000 in July 2021: Mi Notebook 14, Asus VivoBook 14, and more
According to the publication, both the companies will work together to develop content and technology. Xiaomi will also license its partner’s existing content invest in the production and distribution of new movies and videos. Also Read - Friendship Day gifting ideas for your young tech-savvy besties under Rs 5,000
Interestingly, Chinese e-commerce giant Alibaba too owns nearly 23.4 percent in Youku Tudou, which is said to be worth more than $1 billion. The company boasts around 500 million monthly users, with daily video views crossing 800 million. As far as Youku Tudou’s app is concerned, it is the second most popular app in China in terms of time spent by users
As mentioned above, Xiaomi, which is the biggest smartphone vendor in China, and the fourth-largest smartphone vendor in the world, has been looking at making a push into the video space. China’s online video market is expected to touch $3 billion this year, and Xiaomi wants a slice of this. In addition to selling the Mi TV, Xiaomi is also offering set-top boxes to buyers in China.