阿里巴巴打造娛樂帝國

Alibaba is not content to control the prosaic internet retail industry. China’s dominant e-commerce platform is also building a more glamorous empire in entertainment.

阿里巴巴(Alibaba)不滿足於控制平淡的在線零售行業。這家在中國占主導地位的電商平臺正開始打造一個更加光鮮的娛樂帝國。

China’s box office rose by a third to hit $4.8bn in 2014, market researcher IHS Technology says. The US figure is twice that, but shrank 4 per cent last year. IHS expects the Chinese market to overtake the US, and reach $10.6bn, by 2019. The money doesn’t stop at the box office, of course. Last year global online film distribution generated $10bn in sales. Netflix — which distributes TV shows as well — had revenues of $5.5bn.

市場調研機構IHS Technology數據顯示，2014年中國票房收入增長三分之一，至48億美元。美國票房收入是中國的兩倍，但去年降低了4%。IHS預計，到2019年中國市場規模將超過美國，達106億美元。當然，票房並非唯一收入來源。去年，全球在線電影分銷收入達到100億美元。除了電影之外還分銷電視劇的Netflix實現了55億美元收入。

Alibaba’s main vehicle for content production is Hong Kong-listed Ali Pictures, which was formed last year after Alibaba bought 60 per cent of ChinaVision Media. Ali Pictures has yet to produce anything. It has a market capitalisation of $8bn, and loses money. It does have production or distribution agreements with several mainland TV stations. In January it said its first film will be a collaboration with two big stars: producer Wong Kar-Wai and actor Tony Leung. On Tuesday the stock was suspended pending an announcement. This is not necessarily good. Last year it was suspended for five months for accounting issues.

阿里巴巴的主要內容製作實體是香港上市的阿里影業(Ali Pictures)，後者是阿里巴巴去年收購文化中國傳播集團(ChinaVision Media Group) 60%股權之後成立的。阿里影業尚未製作任何作品。該公司市值達80億美元，處於虧損狀態。阿里影業的確跟中國內地多家電視臺簽訂了製作或分銷協議。阿里影業1月份表示，其首部電影將與兩大明星合作：製片人王家衛(Wong Kar-Wai)和演員梁朝偉(Tony Leung)。週二，阿里影業因等待需公佈事項而停牌。這未必是好事。去年，阿里影業曾因會計問題停牌5個月。

Still, the Alibaba empire does not rely exclusively on Ali Pictures for content. Founder Jack Ma owns 4 per cent of the Shenzhen listed film-maker Huayi Brothers. Last November Alibaba struck a deal with that company to fund productions and allow investment through its crowdfunding site, Yule Bao. This month, Hangzhou Ali Venture Capital (owned by Alibaba founders Jack Ma and Simon Xie, but not Alibaba itself) bought a reported9 per cent of Beijing Enlight Media, which makes TV shows and films, for $383m. For distribution, Alibaba makes set-top boxes with partner Wasu (in which Mr Xie owns a stake). It also owns (directly, for a change) a quarter of US-listed Chinese online video site, Yukou Tudou.

儘管如此，阿里巴巴帝國在內容方面並非僅僅依靠阿里影業。阿里巴巴創始人馬雲(Jack Ma)擁有深圳上市公司華誼兄弟(Huayi Brothers) 4%的股權。去年11月，阿里巴巴與華誼兄弟達成一項協議，爲其提供製片資金、並允許通過其衆籌網站娛樂寶(Yule Bao)進行投資。本月，杭州阿里創投(Hangzhou Ali Venture Capital)——股東爲阿里巴巴創始人馬雲和謝世煌(Simon Xie)，但不涉及阿里巴巴集團本身——據報道以3.83億美元收購了北京光線傳媒(Enlight Media) 9%的股權，後者製作電視劇和電影。在分銷方面，阿里巴巴與合作方華數傳媒(Wasu Media)——謝世煌是股東之一——合作生產機頂盒。阿里巴巴擁有（這次有所不同，是直接擁有）美國上市的中國在線視頻網站優酷土豆(Yukou Tudou)四分之一的股權。

Alibaba is not confining itself to local content. Last year it signed a deal with US listed Lionsgate, maker of Hunger Games, to stream Lionsgate content through Alibaba’s set top boxes.

阿里巴巴的目光並不侷限於本土內容。去年，它與美國上市公司、《飢餓遊戲》(Hunger Games)出品方獅門娛樂(Lionsgate)簽訂了一項協議，通過阿里巴巴機頂盒在線播放獅門娛樂的影片。

Given the strong online brand and deep pockets of the parent, Alibaba’s entertainment businesses have a shot at success. Their confusing ownership structures make it hard to say whether shareholders will feel the benefit.

鑑於母公司的強大在線品牌和雄厚資金，阿里巴巴旗下的娛樂企業有機會取得成功。這些企業的股權結構複雜得令人困惑，使人難以判斷股東會不會獲益。