Xiaomi Announces Plans to invest US$1 billion in Internet TV Market
Published By : 04 Nov 2014 | Published By : QYRESEARCH
Xiaomi Technology, a China-based company announced its plans to spend US$1 billion to expand its internet TV content. Xiaomi is the third largest smartphone maker which is now moving towards entering living rooms of its wide customer base. The internet TV market is estimated at US$3 billion. Xiaomi’s booming TV division includes Xiaomi TV which is includes set-top box that can be used as software and content. Up until now, Xiaomi is known for manufacturing smartphones and tablets.
Xiaomi has also announced on its official microblog, Weibo microblog that the company has hired Chen Tong, the former executive of Sina Corp, the Chinese internet firm. This move comes in a bid to overhaul the TV business and more it far more exciting and diverse than what it is right now.
According to Chen Tong, the former executive of Sina Corp, the Chinese internet firm, Xiaomi is intent on reliving and repeating the success it had achieved with hardware integration model in the television industry. He stated this intention at a press conference, as reported by the microblog. No comment has been made by the China-based technology company about this comment so far.
Xiaomi’s move to invest heavily in the internet TV business comes after local internet firms inclusive of big giants such as Tencent Holdings Ltd, Alibaba Group Holding Ltd and Baidu Inc are trying to increase their investment in the internet TV segment. According to iResearch, a Chinese consultancy firm the internt TV market sector is expected to grow to US$3 billion by the end of 2014.