‘Lost in the Stars’ Helps Alibaba Entertainment Businesses Towards Quarterly Profits
variety.comPatrick 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.
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