‘Lost in the Stars’ Helps Alibaba Entertainment Businesses Towards Quarterly Profits
10.08.2023 - 12:07
/ variety.com
Patrick Frater Asia Bureau Chief Box office hit “Lost in the Stars” was a contributor to the April to June profits recorded by Chinese tech giant Alibaba’s digital media and entertainment division. The division, which spans streaming, ticketing, film production and distribution and web browser, recorded earnings before interest, taxation and amortization (EBITA) of $9 million (RMB63 million). That follows many years of losses, including $126 million (RMB907 million) of EBITA losses in the equivalent quarter last year.
The division’s positive EBITA was achieved on revenues that increased by 36% to $747 million (RMB5.38 billion). During the quarter, generalist streaming service Youku’s total subscription revenue grew by 5% year-over-year, primarily driven by increasing average revenue per user and the uplift that came from successful new content. However, Alibaba did not disclose Youku’s subscription numbers.
Its Youku exclusive series “Till the End of the Moon,” ranked top in terms of viewership among all TV series broadcast on online video platforms in China during the quarter. The unit also enjoyed a surge in demand for live events, from which Alibaba’s Damai profited. Alibaba bought full control of Damai in 2017.
The group said that Alibaba Pictures’ movie and online platform business “grew strongly year-over-year due to the launch of several blockbusters and robust China box office.” “Lost in the Stars,” on which Alibaba Pictures is a co-producer and the leading promoter and distributor, was the top performer in terms of box office in China during the quarter. It was released on June 22 and contributed little more than a week of revenues to the quarterly results. The parent, Alibaba Group announced April to June
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