Chinese online retail giant Alibaba is now dipping its toes in the film industry, and Fan Luyuan is the man at the forefront of the move towards the diversification of Alibaba’s investment portfolio.
Alibaba Pictures (AP) was valued at close to $10 billion dollars in 2016, even before it produced a single movie. The company’s market cap is now over $26 billion. Although it started off as a Chinese film company, it soon went on to invest in Hollywood franchises such as Star Wars and Mission Impossible.
Critics of the company have noted that AP has lost focus in the past few years, which is why Luyuan, who joined Alibaba Group in 2007, has been brought in to be AP’s CEO, chairman and president. The Chinese movie industry is seeing immense growth, and with more than 1.4 billion people, the opportunities are truly huge.
The Chinese public has responded favourably to dubbed English and Hindi movies in the past. With a huge market yet untapped and Alibaba’s deep pockets, Alibaba pictures could become the movie production giant the east never had.
Prior to AP, Luyuan served as the president of China Business, Small and Micro Financial Services Company at Alibaba Group. He started working at Alipay in 2007, rising through the ranks to become the senior director of the development department, assistant president, vice president and senior vice president.Tags: alibaba, film