Xiaomi TV $1bn for content
November 4, 2014
China’s Xiaomi Technology will spend $1 billion to expand its Internet TV content. The world’s third largest smartphone maker is stepping up its push into the living room with its growing TV unit.
In a post on its Weibo microblog, Xiaomi announced it had hired Chen Tong, a former executive at Chinese internet firm Sina Corp, to overhaul the TV business and make it more “diverse and exciting”.
“We want to repeat the success of Xiaomi’s hardware integration model in the television industry,” Chen was quoted as saying on the microblog.
Xiaomi’s expansion of its internet TV business pits it against local rivals Alibaba, Tencent and Baidu, all of which have recently increased their investment into Internet TV.