You will be redirected back to your article in seconds

Losses at Alibaba Pictures Reach $53 Million

Film production and investment company Alibaba Pictures Group recorded losses of US$53.5 million (HK$415 million) in 2014, compared with profits of US$24 million (HK$186 million) prior to its takeover by Alibaba, the Chinese e-commerce giant.

The previous year figures were restated to reflect mistreatment of mainland Chinese VAT certificates, deferred taxes, convertible debt notes and the value of film rights. In June last year Alibaba bought majority control of the company (previously known as Chinavision), and installed new management. In August, it discovered discrepancies, suspended Alibaba Pictures’ shares for several months and warned of losses.

Film revenues in the year came from minority equity stakes in films including Peter Chan’s “Dearest” and Ning Hao’s hit “breakup Buddies,” and from TV series “Bayonet Heroes.”

Under a five-picture deal with Wong Kar-wai’s company Block 2, development has started on “Bai Du Ren,” a film to be directed by novelist and first time filmmaker Zhang Jiajia.

Alibaba Pictures says it is working closely with the parent company. “Alibaba Group has commenced synergistic coordination with [Alibaba Pictures’] cultural, film and television entertainment-related resources and businesses, and has defined the [Alibaba Pictures] as the flagship unit of Alibaba Group’s entertainment business,” the company said in regulatory filing.

“[Alibaba Pictures] and Alibaba Group have commenced resource integration, and have explored a user-demand-oriented e-commerce customization model through the Internet and big data, in addition to developing a cross-industry in-depth cooperation model for e-commerce and cultural and creative industry by taking advantage of the deployment of O2O (online to offline) film related business in ways such as conducting promotion and marketing activities on Alibaba Group’s e-commerce platforms.”

More Biz

  • Walt Disney Archives Founder Dave Smith

    Walt Disney Archives Founder Dave Smith Dies at 78

    Walt Disney Archives founder Dave Smith, the historian who spent 40 years cataloging and preserving the company’s legacy of entertainment and innovation, died Friday in Burbank, Calif. He was 78. Smith served as Disney’s chief archivist from 1970 to 2010. He was named a Disney Legend in 2007 and served as a consultant to the [...]

  • Colin Kaepernick Kneel

    Colin Kaepernick, Eric Reid Reach Settlement With NFL

    Colin Kaepernick and Eric Reid, two football players who alleged the National Football League colluded to oust them from the game after they started kneeling in protest of racial inequality during the playing of the national anthem, have reached a settlement in the matter, according to a statement from the sports organization and lawyers representing [...]

  • R. Kelly

    R. Kelly Could Be in ‘Big Trouble’ Over Alleged New Sex Tape, Attorney Says

    Strong allegations of sexual misconduct have followed R. Kelly for 25 years, but the singer has always managed to slip free. Yet reports that a videotape of him sexually assaulting an underage girl, combined with the outcry surrounding the Lifetime documentary “Surviving R. Kelly,” means that public sentiment, at the very least, is definitely not [...]

  • Christian Bale as Dick Cheney in

    New Media Residuals and Feature Films Contribute to Spike in Writers' Pay

    The outlook for members of the Writers Guild of America has brightened — even amid pervasive uncertainty in the entertainment industry. According to the most recent report to WGA West members, earnings surged 2.8% to $1.41 billion in 2017, thanks mostly to gains in feature films and new-media residuals. Total covered earnings for WGA West [...]

  • Joe Dante Gremlins

    Hollywood Execs Seek Licensing Deals at the New York Toy Fair

    On Feb. 16 more than 30,000 studio executives, buyers and toy company reps will gather in Manhattan for the annual Toy Fair New York, all vying for market share and trying to snag the latest hot trend in a fast-changing industry. Those working the film side of the business will focus much of their attention [...]

  • Lady Gaga Bradley Cooper A Star

    Universal Music Group Fuels 11.3% Rise in Vivendi's 2018 Revenues

    Vivendi’s revenues were up 11.3% to €13.93 billion ($15.7 billion) in 2018, powered by Universal Music Group, which delivered such hits as the “A Star Is Born” soundtrack and Drake’s new album. UMG’s revenues climbed by 10% to €6 billion ($6.8 billion) compared to 2017. On top of the “A Star Is Born” soundtrack, the [...]

  • The Blacklist 100th Episode

    'The Blacklist' EP Sues for Wrongful Termination

    A former executive producer of the NBC show “The Blacklist” has filed suit against Sony, alleging he was fired after being wrongfully blamed for a workplace scuffle. Michael Watkins is a veteran TV director and cinematographer. He was an executive producer for several seasons of “The Blacklist,” the NBC crime show starring James Spader. According [...]

More From Our Brands

Access exclusive content