China's tech giant Alibaba Group is prepping to launch its online video streaming service in home country in next two months. The company has reportedly named this new service as Tmall Box Office (TBO).
Alibaba's head of digital entertainment, Patrick Liu, has told Reuters that the company's goal is to make match the success of services like the U.S.'s Netflix and HBO. "Our mission, the mission of all of Alibaba, is to redefine home entertainment," Liu told. "Our goal is to become like HBO in the United States, to become like Netflix in the United States," he added
As for its content, the company will be tying up with content providers in China as well as in other countries. Alibaba will also produce the content in-house, as hinted earlier this year when the company announced its association with one of China's popular director for a movie production.
With this service, the ecommerce giant in China will not only be taking on its competitor in the online video market in China, but will also be pitting against Amazon Prime.
The company will charge for about 90 percent of TBO's content on the basis of monthly subscription or on a show-by-show basis, and offer the remaining 10 percent for free.
Meanwhile, Netflix too plans an entry in the Chinese market, which will intensify the competition in the market.