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Xiaomi to launch streaming service in India to compete with Netflix, Amazon
Xiaomi believes that the streaming market will help them make more profit.
Having established its dominance in the smartphone market in India in less than five years of its entry into the market, the Chinese smartphone brand Xiaomi is now aiming at other sectors. Well, it is already ruling the smart TV market segment and is on the verge of introducing some of its IoT devices in the country.
Now, it looks like Xiaomi is aiming to monetize the internet services sector in the country. It is said to be in the intention of launching a streaming service similar to the likes of Amazon, Netflix and Spotify. It recently launched the Xiaomi Mi Pay, which is an UPI payment service in the country. This payment service comes as a rival to the other prominent payment platforms including Google Pay, Paytm, etc.
Xiaomi eying streaming services market
As per a report by The Economic Times, Manu Kumar Jain, the Managing Director at Xiaomi India wants to earn revenue from the digital payments and wallets and streaming of music and movies. It is claimed that the company makes less than 1% profit from hardware and device sales and that it cannot make over 5% profit in this category. It is believed that internet services will help it generate more profit in the country.
It is all set to invest a major chunk of its Rs. 3,500 crore investment on this segment. The company will use the investment for its R&D network, opening exclusive stores and developing warehouses and service centers.
The company appears to be in plans to promote streaming platforms such as Mi Video and Mi Music. Notably, its Mi Drop, the transfer tool has already gained popularity. It recently crossed 100 million downloads. Also, it has the Mi Credit app that works in partnership with ZestMoney and KreditBee. This one is a marketplace for instant credit for its users.